Utaka has been linked with a move to Sunderland and also club in the MiddleEast and France are reportedly interested in the 28-year-old.
“There’s a move on the cards for John. I think something could definitely happen there,” Cotterill told the Portsmouth News.
“We’ve got to get the numbers down for the Football League because of this embargo before we can try and entertain getting more players.
“Unfortunately now, what we’re going to be doing is loaning because a lot of the free transfers are gone.
“It’s a tough situation but it’s a top club.”