Portsmouth have held talks with former Southampton boss Gordon Strachan over the managerial vacancy at Fratton Park.
But Strachan may find the working relationship with executive director Velimir Zajec a stumbling block.
Mandaric said: "If he comes in he will to work with Zajec, it's important we get this straight before we appoint anybody.
"If Gordon says he's not quite sure we might wait until the end of the season to make an appointment."
Zajec and coach Joe Jordan have made a sound job of running team affairs since Harry Redknapp resigned as manager, prior to taking up the reins at Southampton.
Under the pair, Pompey are unbeaten in their last four Premiership matches, winning two.
Strachan is believed to head Mandaric's shortlist, and the Pompey chairman is yet to interview the other two candidates.
Mandaric brought Zajec in from Panathinaikos where he was director of football, and it was the extent of his role in first-team affairs that triggered Redknapp's exit.
The Pompey chairman said: "I trust Velimir and his football knowledge.
"The manager will pick the team and he will buy and sell players in consultation with Velimir Zajec, it will be a partnership.
"We are continuing to talk to Gordon. He is positive and we just have to keep talking and make sure the right decision is reached."
The other two candidates are currently in employment and Pompey need to get permission from their clubs to talk to them.