Burnley chairman Barry Kilby has said talks are underway with manager Owen Coyle about potential transfer targets in the January transfer window.
But despite announcing record losses of £11.7m for the past financial year Kilby revealed they are beginning to focus on possible signings.
"We're in discussions with Owen now to see what we can do," Kilby told BBC Radio Lancashire.
"We're sitting down and seeing where we can strengthen."
One potential permanent signing could involve striker David Nugent.
The 24-year-old, who joined the Clarets on loan from Portsmouth until January, has become a popular figure at Turf Moor since arriving from Fratton Park in September.
We did make a calculated gamble about increasing our playing staff at the start of the season and it's paid off
Burnley chairman Barry Kilby
"We have until the third week of January so we'll have to see," said Kilby.
"I think he'd come here like a shot so we'd have to negotiate with Portsmouth when his deal's up."
Kilby also revealed that despite the announcement of record losses, all debts will be repaid by January thanks to the windfall from being promoted to the Premier League.
"It is a record loss but, a substantial amount of that has been inflated because of commitments we had when we went up," he said.
"Our financial year ends in June so there were a lot of contractual agreements that we had that meant that extra costs were incurred by us going into the Premier League.
"We did make a calculated gamble about increasing our playing staff at the start of the season and it's paid off.
"If you look at the figures for the previous season we did get players sales away to £5m. If we hadn't have made the Premier League that would've probably been one of the courses taken to sell some players to right the ship a little bit."
Meanwhile, Kilby has said the club will review plans to redevelop Turf Moor at the end of the season.
A multi-million pound project to build a new Cricket Field stand, along with dressing rooms and executive box facilities, has been on hold for nearly a year due to the current global financial climate.
"We believe we've got a viable plan for the redevelopment of the Cricket Field stand that will commercially stand up.
"So, I feel if the economic climate eases a little bit we can start looking at that seriously again."
This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.