"It's got nothing to do with the money. They won't have offered him any more than we have offered him," Dearden told the Nottingham Evening Post on Friday.
"He's told me it's the fact that his wife has got a job up near Manchester and he wants to move back up north.
"It is a bit of a disappointment, but the decision is down to him.
"I only want players here who want to come here, so I respect his decision and we move on."