The possibility of the salary cap being lowered could force other clubs to shed salary, providing the Red Wings with better trade options to fill the holes left by captain Nicklas Lidstrom, who retired, and defenseman Brad Stuart, who signed with the San Jose Sharks.
"We're talking to a few people," Holland told MLive. "There's some veteran defensemen looking for an opportunity. We need to sign another defenseman, maybe two.
"Will we do something before Sept. 15? Maybe."
Holland has already made a two-year contract offer to unrestricted free agent blueliner Carlo Colaiacovo, while MLive.com has also claimed that the Wings have expressed interest in Michal Rozsival, Brett Clark and Mark Eaton.
The Wings are likely to settle for a bottom-pair defenseman rather than landing an impact player as the pool of remaining free agent defensemen is quite scarce.
Holland could also focus on a trade to improve his chances of acquiring a top defenseman.