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Hayes moved to Barnsley from Glanford Park in the summer of 2005, after helping the Iron win promotion from League Two.
He had an impressive debut season at Oakwell, as the Tykes secured promotion to the Championship via the play-offs.
He started the current campaign well, netting four times in the first seven games, but dropped down the pecking order and last played in the FA Cup third round loss to Southend on January 16.
Last month Hayes turrned down a deadline day move to Leyton Orient to fight for his first-team place at Oakwell.
In total, Hayes scored 18 goals in 87 appearances for Barnsley.