Brazilian striker Ricardinho, whose salary is in excess of $300,000, has been back on the A-League club's books since December when his loan spell at Brazilian second division side Parana ended.
He remains contracted with Victory until April 30.
Dumped by Victory after a miserly return of two goals in 19 games, he consumes a sizeable chunk of the salary cap.
Only Harry Kewell and Archie Thompson pocket more, with Kosta Rican star Carlos Hernandez believed to be in that ball park.
Coach Jim Magilton last week told the Herald Sun he was targeting at least one international, but with Ricardinho taking up the fifth and final visa spot after Hernandez, Jean Carlos Solorzano, Fabio and Marco Rojas, his hands are tied.
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Victory wants to do business this month but is limited with little more than $100,000 left in the cap.
In a deal that would have freed up a visa spot, Solorzano was offered to Newcastle Jets in exchange for defender Nikolai Topor-Stanley in December, but it collapsed when coach Mehmet Durakovic was sacked.
Victory is prepared to release Ricardinho on a free transfer and managing director Richard Wilson is confident a deal can be struck before the A-League transfer window closes in a month.
"We're not bringing him back. We're working on his situation at the moment because his loan with the Brazilian club has finished," Wilson said.
"If we finalise a financial arrangement that's agreeable then we free up the visa spot. Otherwise he's still on our books.
"We're in the market but we haven't done any deals.
"Are we likely to? It's a possibility. We've still got a bit of money in the cap and room on the roster. It's difficult to do anything in the January window, but we're in the market and we've had players offered to us both locally and overseas."
Wilson said while the club was juggling short and long-term targets, Victory was after players who could make an immediate impact.
"This window is primarily about shoring up our list to get the best result we can this season," he said.