I am upgrading my Processor

Yes it will work
http://en.community.dell.com/support-forums/desktop/f/3514/p/19336462/19712175.aspx
"The following processors are compatible with the Inspiron 530 0RY007 motherboard.

Intel Pentium Dual-Core 2140 (1.6 GHz, 800 MHz FSB)
Intel Pentium Dual-Core 2160 (1.8 GHz, 800 MHz FSB)
Intel Pentium Dual-Core E5200(2.5 GHz, 800 MHz FSB)
Intel Core 2 Duo E4300 (1.8 GHz, 800 MHz FSB)
Intel Core 2 Duo E4400 (2.0 GHz, 800 MHz FSB)
Intel Core 2 Duo E6320 (1.86 GHz, 1066 MHz FSB)
Intel Core 2 Duo E6420 (2.13 GHz, 1066 MHz FSB)
Intel Core 2 Duo E6550 (2.33 GHz, 1333 MHz FSB)
Intel Core 2 Duo E6750 (2.66 GHz, 1333 MHz FSB)
Intel Core 2 Duo E7400 (2.80 GHz, 1066 MHz FSB)
Wolfdale Dual Core, E8400, 3.0GHz, 6MB, 1333FSB, 65W, E0
Wolfdale Dual Core, E8500, 3.16GHz, 6MB, 1333FSB, 65W, C0
Wolfdale Core 2 Duo E8500 (3.16 GHz, 1333 MHz FSB)

Prior to installing processor you need to check that you have BIOS Version 1.0.15, or higher, when support for new Intel CPU's was added."