The sanction implemented due to delayed payment of player wages is due to end on December 23 and Lithuania striker Arturas Rimkevicius has already been linked with a move to Tynecastle, although McGlynn stopped short of confirming his arrival in Edinburgh next week.
Speaking after the 2-0 win over Aberdeen, McGlynn said: "The football club will still need to satisfy the SPL for that transfer embargo to be lifted. We might have to lose some players and it may be we have to bring in players at a lower wage to compensate for that."
He went on: "If he (Rimkevicius) was going to be part of our plans, if he was training with us, he would get his fitness up and be ready to go if everything was to work out.
"There's a wee bit of work to get done first of all with the transfer embargo."
Ryan Stevenson scored Hearts' opener from the penalty spot and Callum Paterson netted the second for a welcome victory following a three-match winless run, which included the loss at Hibernian which saw Hearts relinquish the William Hill Scottish Cup at the first hurdle.
"I thought we merited a good 2-0 victory, a good response to last week's derby defeat," added McGlynn, who praised the input of recalled trio John Sutton, Gordon Smith and Andrew Driver.
Aberdeen's wait to find the net against Hearts was extended to eight matches, the last strike coming in January 2010.
Dons manager Craig Brown, who described the penalty as "soft", has been in charge for almost exactly two years, his first match a 5-0 loss at Tynecastle, and could not explain the failure to find the net.
"It's just one of those things," Brown said. "We inherited a situation where Hearts were beating Aberdeen and we've not managed to redress that."