The Hoops have opened talks over a deal to land the 18-year-old with the League One club in financial trouble.
Connell can leave the crisis-hit Wanderers for just compensation as he is a third-year scholar.
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He is highly thought of and impressed at the end of the season despite their relegation to the third tier.
Neil Lennon is thought to be leading the race to sign the teenager but is facing a battle with other clubs entering the fray.