Neil Lennon fears Bolton's players could walk away from the Sky Bet Championship club if their financial struggles are not remedied soon.
Wanderers' players are still yet to be paid for the month of November and another missed pay packet may allow them to get out of their current deals at the Macron Stadium.
With Bolton last week served with a winding-up petition by HM Revenue and Customs over an unpaid tax bill, boss Lennon was also unable to provide a positive update over any potential takeover at his press conference on Monday morning.
On the subject of what might transpire if players were not paid wages for two successive months, Lennon explained: "They can give the club two weeks' notice.
"That is their right. Obviously at this time of year it's a huge concern if they're not getting paid. We need something done very, very quickly,"
Lennon was in charge of Glasgow giants Celtic when turmoil hit cross-city club Rangers and decimated their squad, and he worries that a similar situation could materalise at his current club.
"That scenario is a realistic possibility and that would be another devastating blow," he added of players leaving.
"They are well within their rights, obviously.
"No one has come forward to suggest that just yet but time is of the essence. It's a really difficult time of year as well for everyone, including players."
Bolton are without a victory in 14 games and prop up the Championship table ahead of the trip to Charlton tonight.