Pacey winger McDonald has been a standout performer for Yeovil having produced some fine displays since joining the club.
HITC Sport understands McDonald’s contract expires in January having only signed a short-term contract with the Somerset-based club during the summer, making him available for no fee in the New Year.
The news has alerted a number of sides who are looking to bolster their attacking options when the transfer window reopens next month.
Blackpool were interested in signing McDonald when he left Birmingham City in the summer, but no deal was agreed.
It is understood that Blackpool have continued to monitor the tricky winger’s progress and his impressive performances for Yeovil this season could tempt Blackpool to make another move for London-born wide man.
Bradford are also in the market for reinforcements in January as they look to climb away from trouble at the wrong end of the League One table and the Bantmas have watched the 21-year-old on several occasions this season.
League Two promotion hopefuls Colchester are searching for a natural winger to play on the left side to boost their promotion bid with McDonald among their top targets.
Yeovil are keen to tie McDonald down to a new contract to prevent him leaving for free, but the player is now weighing up his options.