Magilton confirmed that himself and first-team coach Brian Klug had been sifting through a list of players available.
He continued: "I'm taking calls from agents every day about this player and that player being available but we wont be rushing into any decision.
"Its important we find the right player that will bring the qualities we feel will compliment the current crop of players we have here.
"At the moment the funding we have received via the share issue allows us the option to bring in that first player but if that investment increases then the likelihood goes up of further players coming in which obviously I'm hoping for."