Nigerian-born Olisadebe is a Polish international
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Portsmouth chairman Milan Mandaric will provide boss Harry Redknapp with the cash for a January spending spree.
Their first target is likely to be Panathinaikos' Poland international striker Emmanuel Olisadebe.
Redknapp told Mandaric he could be wasting money if Pompey failed to gain enough points to stay in touch.
But the Pompey chairman said: "We want to give ourselves a chance and we're going to be a bit more aggressive in the market than I thought we would be."
Mandaric admitted that concerns over Olisadebe's fitness have prompted him to structure a pay-as-you-play arrangement with Panathinaikos
Olisadebe's return to Greece following a trial at Fratton Park led to assumptions that Pompey were unimpressed by the Nigerian-born striker.
But Mandaric added: "We never lost interest in him as a player, the problem we have is his fitness.
"He has a problem with his knee. The player is comfortable and looks OK on the training ground but our medical staff advise us we have to be concerned and careful.
"We're in conversation with the player and the club and I hope we can structure a deal where we can be more relaxed in terms of long-term commitment because of his earlier injuries."
Pompey are believed to be ready to make an initial £150,000 down payment for Olisadebe to take him on a season-long loan.
It would be in preparation for an eventual £500,000 deal, brokered by former Fratton Park director of football Velimir Zajec.
Mandaric's willingness to fund several transfers comes after Redknapp cautioned him against such a move.
Redknapp told Mandaric he could only justify spending the chairman's money if Pompey gained enough points in the holiday period to make it worthwhile.
Portsmouth are currently third from bottom in the Premiership table.
But Mandaric revealed: "I know what Harry said but we want to stay in the Premiership and we have to give ourselves every chance.
"Harry wants to strengthen every line. He wants to bring in a top defender, possibly a couple of midfield players and one or two strikers.
"Unfortunately, the situation we're in means we don't have as many points as I would like to see.
"But we wouldn't be looking at players if we weren't able to handle the financial side and I think we're going to be a bit more aggressive in the market in January than I thought we would be."
Redknapp is desperate to boost his strikeforce during the January transfer window.
Portsmouth have scored 14 Premiership goals in 19 matches - and Redknapp will lose striker Lomano LuaLua for several weeks to the African Nations Cup.
But Mandaric played down speculation linking Pompey to Rangers winger Peter Lovenkrands.
He said: "There are quite a few players Harry is interested in and he's sorting it out. I wouldn't speculate on any names at this point."