Wanderers had put their feelers out for options in the market after the contract of Ben Alnwick was cancelled on December 27.
But Hill sees strengthening other positions as his main priority over the next week, backing youngster Matt Alexander to provide cover, if necessary.
The Bolton boss would also have the opportunity to use the emergency loan market.
“The ramifications of the embargo are pretty strangling, financially and in terms of squad numbers,” he told the Bolton News.
“We need other areas strengthening. Remi Matthews is doing a superb job for us and in an ideal world we’d have another senior keeper but it’s not ideal. Matty Alexander is learning, he’s doing everything he possibly can, and off the bench he might be needed. At this moment, as things stand, another senior goalkeeper can’t be a real priority in the 23.
“It is hard to wriggle. We’re not in a lock down coffin situation but there’s not a lot of free movement at all within the parameters of the squad.
“We are trying to do our best to make spaces available – but in this scenario I am reasonably happy sticking with the goalkeeper situation we’re in at the moment. And during my time as manager, I haven’t had Ben Alnwick available for selection, so I have had to become comfortable with that.”
Hill will have only seven of the starting 11 against Burton available to face Rochdale on Saturday, so a busy week is expected at the UniBol. Two deals are thought to be close to going through – but the reported interest in bringing David Wheater back from Oldham has not progressed over the weekend.
The manager has also warned he may have to make space for new signings by potentially moving on younger players who take up one of the 23 available squad places allowed under the embargo.
“We have plans but also players who probably need to leave the club as well,” he said.
“There are a lot of young players in this squad who are professionals and I don’t think the time is right now for them all.
“We still believe there is a chance of avoiding relegation.”