Northampton manager Chris Wilder has confirmed interest from Premier League and Championship clubs for Ivan Toney.
Notts County full-back Jordan Cranston has left the club by mutual consent.
Noble-Lazarus became the youngest-ever player in Football League history when he made his professional debut at the age of 15 against Ipswich in 2008. He has enjoyed a total of 40 appearances for the Reds, scoring twice.
The 20-year-old, who signed a new two-year deal with Barnsley in February, joins the League 2 promotion hopefuls having featured just five times this season.