Peter Storrie expects Portsmouth's transfer embargo to be lifted on Monday after sending the documentation to the Premier League on the agreement with Udinese over payments regarding Sulley Muntari.
The Premier League remain sceptical about Pompey's ongoing and long-term financial position, but Storrie told Soccernet on Sunday: "I see no reason now why the Premier League shouldn't lift the embargo now. All the necessary documents have gone over to the Premier League over the weekend regarding the rescheduling of transfer monies owed to Udinese, so I see no reason why they should lift our embargo. We don"t own any UK clubs money, and all the foreign clubs have agreed payment schedules."
Portsmouth send a "strongly worded" letter to the Premier League last week demanding the release of £2 million TV cash, and for the embargo to be lifted or they would resort to arbitration.
The Italian club then reported Portsmouth to the Court of Arbitration for Sport over the outstanding payments for midfielder Muntari, which shocked Pompey as they were trying to resolve the dispute amicably.
Muntari, now with Inter Milan, joined Portsmouth from Udinese in 2007 for a fee of £7 million and, after his £14 million move to the San Siro in 2008, there is £3.5 million still to pay.
Storrie has reaching a resolution with the Italian club, and believes the documentation sent to the Premier League will satisfy the authorities that the clubs embargo needs to be lifted. Manager Avram Grant has lined up two loan signings with time running out before the transfer window closes.
Storrie added: "We need to lift the embargo urgently with just a week left of the transfer window, as we want to have Jamie O"Hara back on loan from Spurs and Avram has a couple of loan deals pending."
There will also be more money incoming, according to Storrie, who said that Burnley have made a £3 million bid for David Nugent to make his loan deal permanent.
Burnley have an automatic agreement in place as part of the original loan contract to be able to automatically extend the loan, and would ideally prefer this option. Portsmouth have other clubs interested in Nugent, and need the transfer money to ensure the players' wage bill is paid on time for a change this month.
Storrie told Soccernet on Sunday: "Burnley will either extend the loan or buy him, they have now made an offer to make the loan permanent."
Soccernet understands that Burnley's offer is half the price Portsmouth bought Nugent for in the first place, but £3 million has been accepted by the financially stricken club.
Talks will continue in the next 24 hours to resolve the problem of whether Nugent stays at Burnley either on loan or as a permanent transfer.