Elche have reportedly only had 10 players commit their futures to the Spanish club for the new season.
Fran Escriba's side finished the 2014-15 La Liga campaign in 13th position, some six points clear of the relegation zone.
However, the Spanish club could still be relegated due to their financial problems, which has impacted plans for the new season.
According to Marca, head coach Escriba will remain in the position, but only if Elche start the 2015-16 campaign in Spain's top flight.
The likes of Manu Herrera and Damian Suarez have already been released, while those on loan have returned to their parent clubs.
A decision on Elche's future is expected to arrive before the end of June.
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