Birmingham are to hold talks with striker Mikael Forssell over his future at St Andrews.
The Finland international is out of contract at the end of June, although Blues could invoke a two-year option on his current deal.
But he is one of City's biggest earners and co-owner David Sullivan has admitted the club may struggle to afford to keep players out of contract now they have been relegated from the Premier League.
Forssell, who came close to joining Hanover last summer, was Blues' leading scorer with nine goals in the season just gone and was a first-team regular during the final third of the campaign.
That helped prove his fitness after overcoming a long-term knee problem but the 27-year-old's wages could still be a stumbling block to an extended stay with Alex McLeish's side.
Sullivan made no specific reference to Forssell but said: "We have got players whose contracts are up that we cannot afford to renew with the wages they are on and they may decide to leave."
The midlands outfit also have to sort out the future of veteran goalkeeper Maik Taylor, whose contract is also up at the end of next month but, unlike Forssell, has no option of an extension.