The 25-year-old is a free agent after being released by Hatters this month and is currently looking for a new club.
He worked under Cheltenham boss Mark Yates and his assistant Neil Howarth while at Kidderminster.
Howarth said: “Matthew is strong, quick and he likes to get on to balls over the top. He can hold it up as well and we know he can score goals.
“We are having a look at him, but whether it goes any further or not, we don’t know at the moment.”
Setchell feels Bedford Town deserved their opening point at Stratford
Clubs all set for big kick-off as Bedford Town, Ampthill Town and Real Bedford begin campaigns
Bedford's women cricketers make it three wins in a row
Ampthill hit six to get the season off and running in style
George Bernard Shaw treated in Luton after tree fall
Interest in the forward, who scored 23 goals in 81 appearances for Town, is hotting up with Blue Square Bet Premier side Mansfield also enquiring about his signature. Stags boss Paul Cox said: “Matthew is someone we are talking to but everything boils down to finance. He is one of a number of players we have in our sights though.”
For all the latest Luton Town FC news, reports, stats, player profiles, live match updates, prediction table and a complete fixture list, visit our Hatters Microsite.