Birmingham manager Alex McLeish has warned that he will not risk the club's future by splashing the cash during the January transfer window.
McLeish's Blues are currently languishing in the lower reaches of the Premier League after a difficult start to the campaign and the Scot is aware that the squad may need strengthening this winter.
City owner Carson Yeung and his right hand man Peter Pannu have already met with the manager to discuss potential targets.
"I've already sat down with Peter Pannu last week and we've agreed that we are going try and bring some players in," McLeish said.
"Carson (Yeung) has given the green light to do something.
"Will it be loans or permanent deals? I don't know. There are both options available.
"But we are not going to kill the club by paying excessive money - which can happen in the January window."
A new striker is thought to be top of McLeish's wish-list and the likes of Robbie Keane, Jay Bothroyd and Ryan Babel have all been linked.
"We are working actively, the board and myself, to try and enhance the striking positions," he added.
"The board are understanding of the situation and there are a few names we have talked about that could enhance the team.
"They are trying to help me to bring those players in. You are not going to bring in players lesser than the ones you've got.
"You are trying to bring in a bit of quality to make sure it can improve the team.
"We've got to be bringing someone in who can go straight into the team. That is the type of player we are looking for."
Birmingham attacker Alexander Hleb has angered some of the club's fans after the on-loan Belarus international admitted he would rather be playing for Arsenal before the two sides met on New Year's Day.
McLeish said: "Is that a bad thing (what Hleb said)? He wants to play at the top level, and Arsenal are at the top level.
"But he has got a job to do here and it is time for Alex to show during the second half of the season what he is really capable of.
"He came here half-fit, then he gets an injury, has been out for a month, and I put him in the squad against Manchester United last week ahead of schedule.
"He really should have been doing another week's training but I've thrown in him because we need a player of his calibre to make a difference.
"He has got to get that into his head and have the right mentality to help this club.
"We need Alex to make a big impact from start to finish and if we can get him to a real sharpness level, and he buys into that and gets really fit, he will be a big asset to us."
The Blues take on Blackpool in the league on Tuesday and Lee Bowyer is currently set to travel with the squad to Bloomfield Road despite an alleged stamp on Arsenal defender Bacary Sagna in their last game.
Bowyer may face disciplinary action from the Football Association despite referee Peter Walton taking no action at the time.
"What is the situation with Bowyer? It is pending. There is nothing I can say," McLeish remarked.
"It is not appropriate for me to comment on it when nothing has been done by the FA and the referee is looking at it again.
"I've seen the incident but I can't comment on it. It is inappropriate. It is all hypothetical. We need to wait and see what the verdict is."