Scunthorpe United boss Ian Baraclough is hoping to finalise a permanent deal for Eddie Nolan, but will allow Jim McNulty to return to Brighton & Hove Albion.
Nolan has spent the first half of the season on loan at Scunthorpe from Preston North End, but his current deal expires next week.
A fee has been agreed with Preston and Baraclough is now looking to persuade the Irish defender to accept a permanent move to Glanford Park.
"He knows what's been offered and it's a good contract offer, which has been there for a good while now," Baraclough told the club's official website.
"Myself, he and his agent have spoken on regular occasions and I think he's just waiting now to see what's there in the next few days. It's purely a waiting game, simple as that.
"Now you've got the added fact that Darren Ferguson, his manager at Preston, has lost his job. Does that bring another complication into it and put something else in his mind?
"If Eddie goes then we've already prepared for that. If he stays, then great, because he's done well here and put in a good few months' work, which for me says I want him at this club."
McNulty's loan spell at Scunthorpe has been hampered by an ankle injury and Baraclough admits the full-back needs to get back to full fitness.
He added: "Jimmy will be having an operation on January 11 and will go back to Brighton.
"He's got to get himself back fit again and playing to a level where everyone knows he can do. So at this moment in time there will be nothing happening with Jimmy McNulty."