The United owner, who was keen to stress the importance of not breaching the Salary Cost Management Protocol (SCMP) in doing so, also acknowledged a bid has been made from Crystal Palace for Nick Blackman.
Speaking to Radio Sheffield, McCabe said: "A month ago we were top of the league so it is fair to say the last few matches have been a frustrating puzzle as we have floundered a little bit.
"We have already recruited two players in January and there is a definite intention to strengthen further before our next league fixture against Coventry City next Friday.
"We do though have this imposition of financial fair play which isn't understood too well. It basically means we mustn't breach the salary cap limits imposed by the Football League in relation to percentage of turnover."
He continued: "We have received an offer from Nick Blackman from Crystal Palace, that is no secret.
"We will be making decisions next week, but Nick wasn't on any list as a player we would move on and still isn't.
"There is a need to strengthen to boost the squad for the rest of the season. We are hoping to bring in players irrespective of Nick staying or going but we hope he remains a Blade.
"We have a hit list of players we will be talking to in the days ahead so whether it is a loan or a permanent transfer depends on who the player in question is."
The full audio interview is now available - Click here to listen on BladesPlayer.TV
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