And the Pompey boss admitted he could look to permanent recruits on short-term deals, if he continues to be quoted inflated prices for targets.
The Blues are anticipating bringing in a couple of new faces between now and the 11pm deadline for transfer activity.
Cowley has stated he is keen on adding a midfielder and additional attacking player to bring his squad reshaping to a close until the summer.
Rotherham’s Jamie Lindsay has emerged as an option to bolster the middle of the park, with reports Pompey had a bid for the former Cetlic man knocked back and are set to return with an improved offer.
Cowley has already landed four players this month, with seven players departing either permanently, on loan or having their loans cancelled.
Among those arrivals has been Denver Hume with £200,000 paid to Sunderland to bring in the left-sided player.Chief executive Andy Cullen hasn’t ruled out further fees being sanctioned, although Cowley has come out on the front foot over what he views as ‘over the odds’ prices being quoted for potential targets.
If that continues to be the case, the 43-year-old stated he’s prepared to use the loan market still, despite already having five temporary additions - the maximum number allowed in a matchday squad.
Cowley said: ‘We don’t really want to go beyond five loans, that wouldn’t be a preference for me.
‘I have done it before and I’d say never say never.
‘It wouldn’t be a preference.
‘Our aim is to bring in young players on the way up who’ve played regularly and are in a position to hit the ground running.
‘But they come at a premium as we know.
‘We want value for money and sign the right players for this club for the long term.
‘We will continue to use the loan market for this club successfully.
‘Every club in League One pretty much uses the loan market, and most clubs in the Championship do the same for obvious reasons.’
Cowley has worked hard to free up space in his playing budget, with senior men like Ellis Harrison, Paul Downing and John Marquis leaving this month.
The Pompey boss has indicated he’d be prepared to keep back that cash until the summer if he can’t find value in the market.
One option open to him would be to bring a player in on a short-term deal as he did with Crystal Palace youngster, Ollie Webber, if the main targets requiring longer agreements don’t develop.
Cowley added: ‘We also have the option of taking someone on a shorter-term deal.
‘These are all options for us.
‘Our ambition is to sign a player on the way up, who can come in and impact the team immediately and make it significantly better. That’s not always possible.
‘We won’t be paying over the odds, though.’
A message from the Editor, Mark Waldron
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