Michael Appleton has targeted his first signing of the transfer window in the next 24 hours.
The Blues boss revealed he has been given the go-ahead to bring in a loan player once the departure of Hermann Hreidarsson is sealed.
The veteran defender will today join Coventry City on a free transfer.
That will effectively free up the finances for Appleton to recruit a replacement in line with Football League stipulations.
His desperation to bolster the squad has increased after Aaron Mokoena limped out of Saturday’s defeat to West Ham with a hamstring injury.
Joe Mattock has also yet to arrive back from West Brom to renew his loan.
But once Hreidarsson’s exit is confirmed, Appleton is hopeful of finalising a loan recruit.
He added: ‘Hermann hasn’t gone to Coventry yet but I’m hoping an agreement will be sorted today.
‘I am being told that we have got permission to bring in a player if that does finally go through.
‘Then hopefully, please God, we can bring somebody in and I can actually do some business.
‘The football club is in a position where there are only certain people we can bring in and obviously finances will come into that.
‘So we have to be clever, we have to utilise that properly.
‘If the deal does go through (Hermann), one thing I can guarantee is somebody will be here ready to step into the squad today or tomorrow.
‘You never know, there are two or three names I think will come under the radar in terms of what we can and can’t do budget-wise.
‘So I need to get on the phone and pick the right one.
‘Of course, once we have got new owners in then hopefully I will be in a position where I can actually do my job.’
For Pompey fans, Hreidarsson’s imminent departure will end one of the final links with the FA Cup winning side of 2008.
He played at left-back for Harry Redknapp’s side in the 1-0 triumph over Cardiff at Wembley.
The Iceland hero made 123 appearances for Pompey and scored eight goals.
During his four-and-a-half Fratton Park seasons, he established himself as cult figure.
But he hasn’t featured after starting the first two Championship matches of this season.
The former Ipswich defender was an unused substitute against Chelsea in the FA Cup third-round defeat.
Appleton added: ‘Hermann has been a good football player for the club.
‘He’s a good man, he’s an honest man and I wish him all the best.
‘We had a good chat on Monday or Tuesday about where his future lies.
‘He is 37 years of age now, so if he got an opportunity to go and get football somewhere I said I wouldn’t stand in his way.’