Woolford and his agent have stated they are not interested in negotiating new terms with United and the East Midlands club have been linked with a £400,000 move for the 25-year-old, who is out of contract next summer.
"If there was £400,000 put on the table then we would seriously have to think about that because Martyn's at the end of his contract at the end of the season so he could effectively walk away for nothing," Baraclough said.
"£400,000 for Martyn Woolford would represent a decent profit on what we paid for him."
Baraclough, however is wary that relegation from the Championship would see Scunthorpe miss out in excess of £1.5 million in TV rights and central Football League payments, and £400,000 would be a small amount to lose in comparison if Woolford walked away for nothing in the summer.
"I've got to weigh up if that bid is substantial enough to part with him," he added.