Wheatcroft, who joined United from Bolton Wanderers in the summer on a free transfer, started the season in the first team as cover for the suspended Steve Torpey but found himself unable to get back into the side when Torpey returned.
A groin strain kept him out through October and November, he returned to show some promising form in the reserves.
He was today allowed to complete a free transfer to the Railwaymen, who compete in the Nationwide Conference.
"We've had an enquiry about him and it may be a case of helping him on the way because we can't afford to pay his wages.
"Whatever we do, we'll do it for the right reasons for Paul because as a manager if you make a mistake you have to hold up your hands and say so.
"It's nothing to do with the player personally, he just doesn't suit our game and the way we want to play.
"It's not his fault, it's mine for bringing him here. If I'm going to make mistakes I'll own up to it and try to do something about it."