Speaking to the Ipswich Evening Star, the blues boss confirmed: "Once the picture is clearer - and it should be this week - I can start making plans.
"But there isn't going to be a rash of new signings. We are talking one or two at the most and we won't be paying money. That's the reality of the situation.
"I am working from a short short-list. I know the people I would like to approach and I have spoken to agents to make them aware, but that's as far as I can take it for the time being."
Chris Bart-Williams and Alun Armstrong have already left Portman Road this season after not being offered new deals whilst John McGreal has joined Burnley and Jermaine Wright looks set to join a Premiership club over the coming days.
Martijn Reuser is currentley in talks with Willem II whilst Richard Naylor, Jim Magilton, Chris Makin and Fabian Wilnis are yet to agree new deals with the club. Their existing contracts expire on Wednesday.
Jason De Vos is the only signing for the blues this Summer so far although second choice goalkeeper Lewis Price signed a new contract at the club some weeks ago.