Bolton chairman Phil Gartside has admitted the club may need to sell in January in an effort to cut costs.
The Trotters revealed on Wednesday that the club's losses have more than doubled to £35.4million over the past year, with their debt rising from £64m to £93m.
Part of the problem for the Reebok Stadium side is a crippling wage bill, with a number of high earners currently on the books.
Gartside knows it is imperative that the club look to tighten their belt if they are to balance the books and avoid financial meltdown.
That means star men could be offloaded once the transfer window reopens, with England international defender Gary Cahill among those already attracting attention from afar.
Gartside told Bloomberg: "If a Champions League team knocks on our door in January that's the best time to sell an asset because Champions League teams will pay the money."
Swedish striker Johan Elmander, who has rediscovered his form this season, is another who could be moved on, with his contract set to expire next summer.
Gartside added: "He's out of contract at the end of this season and again if someone knocks on the door in January then that's obviously a consideration we have to make."
Elmander is not the only player seeing his contract run down, but Gartside admits no decisions have been taken as yet regarding possible extensions.
He acknowledges that changes to the structure of the club need to be made, with salaries in football as a whole having spiralled out of control.
He said: "Owners should be allowed to invest in equity. So if you, as an owner, want to buy a striker for £10million that shouldn't be a problem.
"But what you then can't do is pay him extortionate wages that take you out of the break-even situation.
"We are carrying too many on the wage bill.
"To be fair, nine players are out of contract in the summer, within them heavy earners, and we'll decide if we want to offer them new contracts."