Reeves has only featured twice as a substitute this season and the arrival of Lee Williamson from Mansfield, means that first team opportunities will be even more limited.
"Martin is available," said Calderwood. "But until anything
happens he will remain a part of the squad here. Martin's attitude has been
first class and he is still part of our squad until anything develops."
He made his Cobblers debut at the begininng of last season after signing from Hull City and has made only 25 appearances.