Hendrie linked up with City for a second spell – signing from Pools - in January 2022 and has made 22 appearances in his time at the club and featured five times last season.
He has sampled first-team action just once so far in 2023-24, coming on as a late substitute in the EFL Cup tie at Accrington.
Hendrie, 29, signed for Bradford on an initial two-year-deal, but has found opportunities hard to come by.
The Manchester United academy graduate made 16 appearances for the Bantams after re-signing from Pools in the second half of the 2021-22 campaign, missing just one game under manager Mark Hughes.
Hendrie, son of City legend John, played 18 games for City on loan from Burnley during the 2017-18 campaign, and has also enjoyed previous spells at the likes of Shrewsbury Town, Grimsby Town and Kilmarnock.