The out of favour striker is keen to kick-start his career after failing to hold down a regular place in Tony Pulis' side this season and the club have agreed to listen to offers for Iwelumo.
"Chris has a desire for first-team football and unfortunately he cannot get that here right now," Director of football John Rudge told the clubs official website.
"We have five other strikers - Ade Akinbiyi, Gifton Noel-Williams, Carl Asaba, Chris Greenacre and Marc Goodfellow and competition is very strong.
"Chris feels he needs regular first-team football at this stage of his career and a move will help him get that."