Peter Storrie has revealed that while a number of players will leave Portsmouth this summer, some of those out of contract will be offered new deals.
Pompey's financial turmoil resulted in the club entering administration and they were unable to stave off relegation after being deducted nine points.
Playing resources have been stretched to the limit in recent months and Storrie admits there will have to be changes to the squad to reduce the wage bill.
The likes of David James, Steve Finnan, Ricardo Rocha, Hermann Hreidarsson and Angelos Basinas have been tipped to move on as their contracts come to an end, while others such as Nadir Belhadj might have to be sold.
Storrie is expecting several departures but believes Pompey can still be competitive in the Championship, particularly if a few of the key men are retained.
"It will be down to the administrators. Several players are out of contract and will be offered new contracts next week, but obviously several will go," he told Sky Sports News.
"They have said publicly that some will have to be sold to meet the debts, and I think that was going to happen anyway when a club has been relegated down to the Championship.
"But the coaching staff has put together a very decent list of players they want to bring in to give the club a good chance of coming straight back up.
"I think there are two or three that are out of contract that will definitely be offered, one or two we are still discussing.
"Obviously they are not going to be at their current levels but I think there are players that want to stay.
"Some of the higher earners will go, I think that is quite clear in the Championship, but I still think they can put a decent squad together next season."
Speaking about James' future specifically, Storrie added: "As far as I am aware, last week that was still to be decided."
Explaining how Portsmouth would be able to bolster their squad with such financial constraints, Storrie added: "I don't think there is going to be money to spend on players as such but there are a lot of players around the country that are out of contract and I think a decent squad can be put together from that."
Grant could stay
Saturday's FA Cup final against Chelsea is expected to be Avram Grant's last game as manager, with reports suggesting that West Ham could look to appoint him as Gianfranco Zola's successor.
Storrie is not surprised that Grant is attracting interest but says there have been no approaches as yet and feels there is a chance he could remain in charge at Fratton Park next term.
"Avram is his own man and will make his own decisions, but he is going to be sought after, there is no doubt about that," he said.
"He has been phenomenal but I wouldn't rule out him staying at the club.
"If you read the press the decision has already been made but to my knowledge, and I discussed it with the administrators last night, they have had no contact from any clubs regarding Avram."
Storrie stepped down as chief executive of Portsmouth in March but stayed on in a consultancy role.
He has been criticised by some fans for his role in the club's demise but still defends everything he did and thinks he could stay.
"I really don't know at this stage. I am contracted to the end of June on a consultancy basis," he said.
"I don't control the finances, the owners control the finances. People blame me but I have worked my socks off for this club and the true supporters know that."