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The 40-year-old has been player-coach at Glanford Park and is known to want to forge himself a career in management.
Despite his age he is still an influential member of United's first team and his departure would hit the Iron hard.
Beags enjoyed a four-year spell as player at Valley Parade between 1997 and 2001 and has stated that it was the highlight of his career.
He helped the Bantams reach the Premiership and they stayed there for two years during Beagrie's period at the club under then-manager Paul Jewell.