The Shropshire Star claim Posh tried to prise the former Manchester City defender out of the Montgomery Waters Meadow, but talks broke down earlier this summer.
Ogbeta only moved to Shrewsbury on a permanent basis in January. He made his Football League debut in a 2-0 win over Posh later that month and enjoyed a strong second half of the season.
Posh currently have Dan Butler and Harrison Burrows as left-sided full-backs/wing-backs in their squad.