McMahon joined Cambridge in January and played nine games
Cambridge United boss Gary Brabin hopes out-of-contract midfielder Daryl McMahon could still have a future at the club.
The former Stevenage man, 25, played the first 45 minutes as the U's got their pre-season underway with a 3-0 win over Ely City.
Brabin told BBC Radio Cambridgeshire: "He's a quality player and he's desperate to come back and play for us.
"But he knows the financial situation at the club at the moment."
The U's are unable to sign any more players until some of current squad are moved on.
Brabin wants to offer new terms to McMahon, who began his career at West Ham, and defender Phil Bolland and has placed Jon Challinor and Courtney Pitt on the transfer list.
"I respect the situation at the club and so does Daryl, but he's come in to get himself fit and it won't do him any harm," Brabin said.
The U's management cast their eye over four trialists in Tuesday's win over Ely with Somersham striker Grant Robbins and former Atherstone man Tyrone Amory finding the back of the net.
"They've come in, worked hard and showed little glimpses so it will be interesting to see how they get on over the rest of the week," Brabin said.
Ex-Millwall keeper Laurie Walker and former Northwich winger Dean Lodge were also given the chance to impress.
The U's are back in action against Cherry Hinton on Wednesday evening.
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