The Northern Ireland international is one of six contracted pros who played for Bolton in the Championship last season who will theoretically be reporting for fitness training at the end of the month.
Administrators hope a buyer can be in place by the time pre-season is scheduled to begin but with such uncertainty in the air, and football staff still unpaid, Magennis admits he cannot make any definitive plans.
"I have one year left on my contract and the club is currently in administration so unless somebody comes in and buys me, or unless the club goes bust and I'm able to walk away from my contract as a free agent, I'm at the club until I'm told otherwise,” he told the Irish News.
"With us being in administration, obviously we have the points deduction already for next season but the administrators are there to save money and make the debt as small as possible.
"So with me, there's a number of things that could happen - they could ask to me to take wage cut, they could ask me to walk away on a free (transfer) or wait until a new buyer comes in and see what happens.”
Magennis finished up as top-scorer in all competitions for Phil Parkinson’s side last season with seven goals following a £200,000 move from Charlton Athletic – the only cash deal completed by the club since February 2015.
After a fast start, scoring four times in his first eight games, Magennis failed to hit the target in the league again. A hat-trick against Walsall in the FA Cup third round proved a rare highlight in what was a difficult campaign on and off the pitch for the 28-year-old – who described it was “without a doubt the hardest time in my career.”
"I was making the jump to the Championship and you are expected to perform at the highest possible level, without any distractions,” he explained.
"Most of us use football as a getaway – even when we were younger going to the park or just playing outside with our mates.
"Unfortunately the problems arose with us when we were at football. We were actually going home to get a break from it all – usually it is the other way around.
"It was tough, but the fans stuck by us, they paid their money and purchased season tickets – we just tried to be as professional as possible but there was only so much we could take without it filtering off the pitch.
"So many lads were dealing with so much stuff – people were getting affected financially, socially, emotionally and mentally. It was just all about the bank account, there was so much going on behind the scenes that it ended taking its effect. It's a real shame the season had to end the way it did."
Magennis scored the winner for Northern Ireland in their previous Euro 2020 qualifier against Belarus and faces the return fixture on Tuesday. Before that, Michael O’Neill’s side travel to Talin to face Estonia on Saturday hoping to keep up a 100 per cent start to the group.
The future of his international manager has also come under some scrutiny, as months after O’Neill rejected the Scotland post, he continues to be linked with club jobs, including Championship side West Brom.
"I would be absolutely gutted if he left because he has worked wonders for me,” Magennis said. "But you have got to respect people if they feel they want to try something new – especially if there's a deal on the table that can't be turned down.
"He's well within his right to make that decision on his own because he's been absolutely amazing – not just for me, but players like me and more importantly for the country.
"The day he is does leave is going to be heart-breaking – but he might stay because he has a real legacy taking place.
"We just have to wait and see but as a selfish person I wouldn't want him to leave but if the opportunity arose that he could manage a team that he could take forward then I don't think you could blame him."