The Pompey boss is ready to land a couple of further recruits utilising temporary agreements before the close of the window.
Cowley is out for further strengthening to his options, after bringing in 12 new faces this summer.
A forward-thinking midfielder and striker are now on his radar, to give the 42-year-the kind of depth and cover he believes he needs to navigate a busy schedule and the threat of losing players to coronavirus.
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Cowley currently has three loanees in his ranks, in the shape of Manchester City keeper Gavin Bazunu, Norwich City striker Gassan Ahamde and Leicester City front man George Hirst.
There are no limits on the number of loans you can sign in the EFL, although you can name only five within any matchday squad.
Cowley is hoping to find some value with loans from a higher level, but knows he may have to stay patient to do so.
Clubs looking to shift players permanently may have to realign their views the nearer it gets to the August 31 deadline.
A move for Millwall’s Ben Thompson would perhaps fall within such a circumstance, along with a swathe of Championship and Premier League players not getting regular minutes early on in the campaign.
Cowley explained he would aim for five loans, although he’d be prepared to push that number if the right opportunity presented itself.
He said: ‘We have still got the loans, and I will use the loans.
‘I would go to five loans, perhaps one more depending on the value I can get.’
After bringing ins so many recruits and seeing 16 players depart, it’s been a frenetic summer for Cowley.
The nature of a stagnant Championship market and a very competitive League One in terms of finances, has made it the toughest spell of recruitment the head coach has encountered.
Cowley explained there will be no let up when it closes at the end of the month, however.
He added: ‘The window closes on August 31 and I think I might start getting my life back.
‘But really all you do is start planning for the January window.’
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