He made his name at Huddersfield in the 1990's as part of the team that looked certain for promotion to the Premiership only to lose out after the sale of Marcus Stewart to fellow promotion hopefuls Ipswich, who then went up.
The South Shields born player has found himself well out of favour at Hillsborough under Chris Turner and has managed just a handful of first team games this year.
The Owls game with Rushden yesterday saw four youth team players selected ahead of Armstrong in the squad.
Armstrong is set to speak to caretaker manager Graham Rodger on Monday and is likely to sign a one-month loan deal. The 28-year-old is available on a permanent transfer as well.