Benin international defender Reda Johnson became the second player to leave Home Park in January when he joined Sheffield Wednesday for a fee believed to be in the region of £500,000.
This sum has enabled the Pilgrims to settle the tax bill with the Inland Revenue that saw the club face a winding-up order in the High Court in December.
However, as Plymouth have another outstanding debt with HMRC, they will still find themselves under a transfer embargo for the time being.
Also expecting to leave Home Park shortly are strikers George Donnelly and Steven MacLean who are currently on loan at Stockport County and Oxford United respectively. It is believed Donnelly has attracted interest from Blue Square Premier side Fleetwood Town and Stevenage of League Two.
MacLean is looking set to make his switch to the Kassam Stadium a permanent one.
In other business, Torquay United defender Kieran Charnock has joined Morecambe after spending two months on loan at the Globe Arena.