Terry Butcher has revealed that David Davis has rejected the chance to stay at Inverness and is set to return to England.
The midfielder arrived on loan from Wolves in August on a deal until the turn of the year, and has impressed during his time at the Caledonian Stadium.
Butcher had been keen to extend the arrangement, but Davis has considered his options and feels it would be better to head elsewhere.
"The player wants to go back down south so there's not a lot we can do," said Butcher.
"We've tried to convince him that staying up here would be his best option but there are clubs after him down south.
"That's not our concern now. Our concern is winning the match [against Dunfermline] on Saturday with or without David Davis."
The departure of Davis - combined with the long-term injury to Chris Hogg - means Butcher is keen to bolster his numbers this month.
The Caley Thistle boss said: "We are looking at that option, yes. Whether it's in the midfield area or not we'll see.
"We haven't got a lot of money to splash about but we will certainly have a look and see what we can do.
"We've got Hoggy out for probably nine months so we're a man down plus, with David Davis going back, we're another man down.
"That's us back down to 22 so we still need another body in there.
"We will see if we can do some form of business and see what we can conjure up."