Birmingham will hold talks with striker Mikael Forssell over his future at St Andrews.
The Finland international is out of contract at the end of next month, although the Blues could invoke a two-year option on his current deal.
But being one of City's biggest earners, and with the side being relegated into the Championship next season, co-owner David Sullivan has admitted it might be a struggle to afford to keep players - which may include their nine-goal hitman.
"We have got players whose contracts are up that we cannot afford to renew with the wages they are on and they may decide to leave," Sullivan said.
City are also deciding on the future of veteran shot-stopper Maik Taylor, as the 36-year-old's contract is up at the end of June and has no option to be extended.