Sheffield Wednesday manager Brian Laws expects defender Richard Wood to leave the club within the next two days.
The Owls are believed to have accepted a bid from an unnamed Championship club, with Coventry strongly linked with his services.
Wood is out of contract at the end of the season and, with Wednesday unable to match his demands, has been placed on the transfer list.
"I'm expecting something to happen within the next 48 hours," confirmed Laws.
"We've had contact from a Championship club and they are currently negotiating with the player's agent and then we'll see from there."
Laws hopes to use some of the funds freed up from Wood's impending departure to make loan signings before the window closes.
"Hopefully, before the loan window shuts, we can bring in possibly two players, if we can negotiate with the clubs on wages," he said.