Portsmouth indicated Friday that striker Dave Kitson has agreed to terminate his contract with the financially-stricken third tier club, leaving just two professionals - midfielder Liam Lawrence and defender Tal Ben Haim - in the squad.
The south coast side, who are battling to avoid liquidation, could go out of business this month unless they can reach agreement on further cost cuts.
Administrator Trevor Birch warned last month they could fold as soon as August 10.
A club statement read: "Pompey have reached an agreement with Dave Kitson over the termination of his contract.
"The 32-year-old striker has signed a compromise agreement over money outstanding for the final year of his contract."
Birch said: "I'd like to thank Dave and his agent for the stance they've taken to give Portsmouth Football Club the best possible chance of survival.
"We thank Dave for his service to the club and wish him every success for the future."
Kitson signed from Stoke two years ago and netted scored 12 goals in 72 appearances for Pompey.