Administrator Andrew Andronikou believes Kevin-Prince Boateng and Nadir Belhadj will be the first players to leave Portsmouth in an expected summer exodus.
The Company Voluntary Arrangement proposed by Andronikou's firm UHY Hacker Young on Friday, offering non-football creditors 20 pence in the pound, would require £3million to be raised through player sales in order to pay the first portion of that £16.5m bill.
Andronikou rejected suggestions of a "fire sale" mentality, but told Press Association Sport: "We're just working with the players' agents trying to move things on as quickly as possible. Most of the players involved are internationals, and there's an increased urgency in their minds to get their destinations sorted before they play in the World Cup."
He added: "The principle two are Kevin-Prince Boateng and Nadir Belhadj, those are the two main targets who we're looking to move on.
"We've had no direct contact - we've got to find a club that want to buy them and we hope that club will be a preferred destination for the player. The players will have their own ideas of where they want to play."
He insists Pompey will hold out for players' "market value", though, and added: "We've had offers but they haven't come up to scratch in terms of our valuation.
"There's no fire sale - we've had lots of agents ringing up trying to advise us that we can't pay their players their salaries so they'll move them for nothing.
"That's not the position - we've got cashflow, we can pay their wages and we are going to sell them for their market value."
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