The French striker has yet to to accept a new deal at the Banks Stadium, sparking fears that he might leave like fellow contract rebel Jabo Ibehre who joined MK Dons on Wednesday.
Yet, Hutchings revealed he has been busy casting his eye over a range of players, as well as making his interest know to a number of targets.
"I have been in touch with a lot of players about joining us in the event of certain players not signing contract extensions," Hutchings told the Birmingham Mail.
"There are some very attractive targets we can go for but the question is whether we can afford them.
"It's about making them aware of our interest and that's all we can do at the moment. We need a bit of everything but it also depends on what's available."