Birmingham are in discussions with Derby County and Swansea over Johnny Russell and Wayne Routledge but are yet to get close to agreeing prices for either winger.
Gianfranco Zola wants to add a wide man to his side in the January window and has also looked at bringing in Sweden international Robin Quaison from Palermo.
Birmingham mounted an ambitious £4million move for Bakary Sako earlier this month but Sam Allardyce's arrival at Crystal Palace changed the landscape at Selhurst Park.
The Championship club have since switched attentions to Russell, the 26-year-old, but are trying to negotiate a smaller fee than set out by Derby, while outlying Routledge as another option.