Stephens, who is set to replace injured captain Johnnie Jackson at Barnsley on Saturday, wants to move closer to his family in the north.
"It's a hard one with Dale because he had the disappointment of not moving in the transfer window this time last year," said Powell.
"He got on with it and I'm mindful of the fact that he has suffered a little bit with homesickness. We have had discussions with him that if anything transpires that might be right for him to go back up north then we'll look at it.
"But if he's here, as I've always said, if they're fit then they are under consideration regardless of their situation.
"We've had that discussion with him but, of course, it takes a club to pick up the phone and if nobody does, he's here. We've had no real interest from northern clubs and we just have to play it by ear and see if anyone comes in. If they don't he'll have to stay fit and, like any footballer, he will play here."