Portsmouth are confident they will soon be free to sign players again as they look to strike a deal with Italian club Udinese over outstanding payments.
Pompey have been busy settling debts to a number of clubs, which they need to do before the Premier League will lift their transfer embargo.
The club owe monies for the transfer of Sulley Muntari - now at Inter Milan - and they are hopeful that Udinese will agree to a new pay structure.
The Italian club have taken their pursuit of their debts to CAS (Court of Arbitration for Sport) and Pompey are hopeful a deal can be struck.
"With Udinese, we are looking at a financial settlement out of the Premier League money and then to renegotiate the payment schedule," executive director Mark Jacob stated.
"If Udinese confirm these proposals, we believe we have completed all the outstanding requirements.
"That will hopefully see the embargo lifted and the remainder of the balance of the Sky money returned to us.
"We have continued to work hard on this issue and conceivably it could happen in the next 24 hours.
"If successful, that will enable Avram to identify targets he wants to bring in."
Pompey also look set to let a number of their players leave to aid their financial situation.
Younes Kaboul and Nadir Belhadj both look set for permanent exits before the end of the window, whilst David James and Mike Williamson are poised for loan departures to Stoke and Newcastle respectively.
Despite the numerous departures, Pompey boss Avram Grant is understood to have lined up a move to bring back Jamie O'Hara on-loan from Spurs, along with his team-mate Giovani Dos Santos.