New Cobblers boss Chris Wilder made the pair his first signings after they both passed medicals at the club this morning.
Striker Connell scored nine goals last season but has hardly featured this time. Of his 59 appearances since arriving at Valley Parade from Swindon, 40 of them came from the bench.
Former club captain Ravenhill was one of Phil Parkinson’s earliest signings but has found opportunities more and more limited behind the Gary Jones and Nathan Doyle partnership. He spent eight games on loan at Northampton before Christmas under previous manager Aidy Boothroyd, who had been keen to make it permanent.
Wilder said: “Players are looking at our league position and wondering if we’re an attractive proposition but if you scratch beneath the surface I feel that we are. “It’s pretty obvious where we need to improve and Alan is certainly a goalscorer.
“He’s had success in this league, he’s had promotions out of it, he’s been in winning sides and he’s scored goals throughout his career.
“Alan played a part last season in what was a fantastic year for Bradford with their cup success and the promotion they won.
“There were a couple more clubs interested in him but we had a chat, he was keen to join and we’re delighted he’s here.
“I’ve known Ricky for a long time, ever since he broke into the Doncaster team early in his career in the Conference.
“He’s a winner and he’s a competitive central midfielder. Ricky had a good loan spell here recently and it helps that he knows the club.”