Everton chairman Bill Kenwright said he hopes Wayne Rooney's future will be settled soon - but admits a sale would "revitalise" the club's fortunes.
Kenwright said he would join with Toffees boss David Moyes in talks with Rooney during the next week.
The England star has two years left on his Goodison Park contract.
"Wayne's sale would revitalise the club's finances - but a five-year contract would also revitalise us," Kenwright said.
"If we do that, the fact is we'd have kept one of the major stars of world football."
Kenwright admitted that the club had to act to secure Rooney's future and avoid the risk of him leaving for nothing in the future.
"David Moyes and I will be personally dealing with Wayne's future in the next week or so," he said.
"You cannot allow a player like Wayne to go into the last year of a contract and lose a major asset."
Rooney, 18, has been offered a £50,000-a-week five-year deal to stay at Goodison Park but is widely reported to have attracted interest from Manchester United and Real Madrid after his outstanding displays at Euro 2004.
"He's got two years left on his contract, and that situation cannot continue forever," added Kenwright.
He added: "It is a double-edged sword and I know which I want to happen. The facts are that he hasn't asked for a transfer, and we would like him to stay."
Kenwright also denied reports of a crisis at the club following chief executive Trevor Birch's departure last week.
"I don't know of any power struggle," said Kenwright.
"It's absolute nonsense. I am not interested in power and control, all I want is for my club to do well."
Meanwhile, former Everton captain Dave Watson said he did not think Moyes would keep Rooney at the club.
"It seems obvious that Wayne Rooney has been lined up to go to another club," Watson told BBC Five Live.
"I am sure David Moyes has done everything he can but I don't think it would have mattered what Everton offered him."
"Agents control the situation and Wayne is not going to be staying."
Watson, a key member of the title-winning Everton side of the 1980s, accepts supporters will be annoyed if Rooney does leave but feels the income the club will receive can be put to good use.
"It is a massive year for Everton and while I don't expect the fans to react too well when Wayne leaves, you have to take the longer term view," he said.
"If Everton get a lot of money to make the club stronger and David Moyes is
given some of it to spend, the overall impact might not be as bad as they first