"Our transfers are on hold pending the situation with Gylfi," Clement said on Swansea's official website. (www.swanseacity.com)
"If the situation is that he moves on, the funds will be available to reinvest and strengthen our squad.
"We have targets identified, but not just one, we have to have multiple targets."
Clement said the playmaker will miss Saturday's pre-season friendly against Italy's Sampdoria as his future is resolved and underlined the importance of starting the new season without distractions.
"He will not feature for us against Sampdoria on Saturday. I believe the talks are still going on and hopefully we will get some news in the next couple of days," Clement added.
"A decision would be the best for all parties involved. We have a new season coming up and we want to start well.
"When you don't get off to a good start, you put yourself under pressure. We don't want that to happen, we want to start well and everyone wants to know what squad you are going to have going into the new season."
(Reporting by Aditi Prakash in Bengaluru; Editing by Alison Williams)
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