Connell and Ravenhill's City contracts were cancelled by mutual consent this Thursday to allow the pair to complete a move to Sky Bet League 2 side Northampton Town.
Ravenhill, who featured for Northampton earlier this season on loan from City, has penned an eighteen-month deal. Connell has signed with the Cobblers until the end of the season.
Bantams boss Phil Parkinson said: "Alan hasn't featured for the club for a bit now and he was always going to move on in this (transfer) window.
"He is a player who needs games and we hope he will get them at Northampton.
"Ricky's situation is slightly different because he has been starting some games recently because of Doyley's (Nathan Doyle) injury. We had an agreement with Ricky, however, that if he got offered a longer contract somewhere else, we'd look at letting him go.
"He had an opportunity to get a longer deal at Northampton and he wanted to take it.
"Ricky's departure now gives us the opportunity to maybe bring in another midfielder to see us over between now and the end of the season."
The duo leave Bradford City with the best wishes of everyone at the football club.