Lennie Lawrence is worried that Cardiff's financial problems could force him to sell some of his players. Ninian Park players and staff have not been paid this month, while auditors are looking at possible cutbacks.
"If there is a problem which has caused wages not to be paid, one of the remedies to look at is selling players," said the Cardiff manager.
"You don't have to be Einstein to realise that, but it's something that you've got to think about."
It is understood that the club's total wage bill each month is near to �750,000, with the club regularly attracting home gates of more than 11,000 paying fans per match.
Lawrence pledged that no players would be sold before this weekend's match at Ninian Park against visitors Sheffield United, taking the optimistic view that the money problem could be solved some other way.
"Hopefully there will be no sales at all, unless it's a deal that would have stood up in normal circumstances," Lawrence added.
"As the manager I can't reassure anything for certain, but I'm hopeful that everything will be resolved and I hope there will be no player sales.
"But it would be naive and foolish to say that they haven't been considered."