Portsmouth defender Ricardo Rocha is unlikely to reveal his future until the eve of the new season, according to administrator Andrew Andronikou.
The 31-year-old established himself as a key figure at the heart of the Pompey defence last season in their run to the FA Cup final, despite their relegation to the Championship.
He was offered a deal to stay at Fratton Park on reduced terms in May but the Portuguese centre-back has yet to confirm whether he will take up the offer.
New manager Steve Cotterill has made it clear that he would like to keep hold of Rocha and fellow centre-back Aaron Mokoena in the spine of his team after forming a solid partnership.
However Andronikou, who took over financial procedures following the club's demise into administration in February, admitted that he was still waiting for Rocha"s decision.
"We have made an offer to Ricardo and are just waiting to hear," Andronikou told The Portsmouth News.
"Initially there was a flurry of phone calls and e-mails. Since then it has gone a bit quiet.
"Its going to be an August decision for him. He is going to try to do his best to see what is around and then come back to us.
"Considering the level of salary he was on, for somebody that age its a massive change when you are offered something significantly less.
"Lets not forget the tax regime in the UK, which also comes into the equation.
"Ricardo will want to maximise his earnings - and that is something we understand.
"But I think he still has a passion for the club and if he cannot find what he is looking for, perhaps he will come back."