Fulham have made an approach to an unnamed club in an attempt to sign a right-back to replace Steve Finnan.
Republic of Ireland international Finnan departed for Liverpool at the start of July for £3.5m.
And Coleman, approaching his first full season as a manager, is keen to sign a quality replacement as soon as possible.
But former Welsh international Coleman is playing his cards close to his chest as he tries to secure a new signing.
“We touched base with a club and asked permission to make an approach and they have said yes,” said Coleman.
“We will be pursuing that on Friday but at the moment I cannot go into too much detail.
“I have got money to spend, it will be a cash deal but like I have said before gone are the days at Fulham when I can start chucking millions around, I understand that.
“I have to be careful to get the right man but I do have cash and it does not need to be a Bosman or a loan.”