Reinforcements are expected for an out-of-form, goalshy team sitting four points from safety after four Championship games without a win or a goal, but probably on loan.
High wage demands are an issue for Posh who are also wary of the possibility of an income-reducing Covid lockdown.
Fry also revealed no offers for transfer-listed forward Siriki Dembele have been high enough to be placed in front of the club’s owners and Posh have yet to pay any money to West Ham for 19 year-old forward Kai Corbett who made his first-team debut against Barnsley on Saturday.
“The chairman is over soon when he will hold conversations with the manager about recruitment,” Fry said. “And he will doubtless back him as he always has.
“The current squad do need help. We haven’t been good enough so far and confidence is down, but there is a long way to go and a lot of points to play for.
“I believe most January transfer deals at all clubs will be loans. Our chairman doesn’t like putting other clubs’ players in the shop window, but it might happen this season.
“We are currently putting plans in place, but I keep hearing of players on £23K, £24k and even £35k a week. That’s what we are up against. I might have to be creative to get players here. It might be a case of one out, one in.
“West Ham were entitled to charge £400-500k for Corbett because he’d been at the club for so long and they’d offered him a new contract, but I did a deal through my relationship with their owners which means no money has changed hands yet.
“Other clubs are still making offers for Dembele, but they haven’t even been worth putting before the owners.”