The 30-year-old moved to Whaddon Road in December under former Robins boss Keith Downing but has found himself out of favour under Martin Allen and has been offered a pay-off.
"I am going to see what comes up elsewhere, but I am not accepting the pay off they have offered me and I have not got anything else lined up so I'd be silly to accept it," Low told the Gloucestershire Echo. "I will have a look about, but my mind is thinking I will be back here for pre-season training with Cheltenham."
He added: "I want to be playing football, but I have a year's contract and that's a better position than a large number of footballers.
"I have been told there is a financial element to why the club want to pay me off and the manager (Allen) doesn't see me in his starting XI.
"My position has not really changed and if I stay I will get my head down and work as hard as I can."