Ben Rutten says without clarity on what Victorian club Butters wants to play for next season, the club won't be locked into anything.
"There's a range of things what that could look like - players, picks, matching, compensations - that is all on the table for us," Rutten told reporters on Wednesday.
"There's a bit to play out in terms of time and different scenarios and options, so we're working through that.
"It's a world where lots of things can happen - and that's the reality of it. We don't know where it's at and what it might look like."
Butters, a triple club champion and three-time All Australian, last week told Port he'd be returning to his native Victoria next season.
Geelong, the Western Bulldogs and Richmond are considered frontrunners.
Given Butters' status as a restricted free agent, Port have the option of matching any bid and thereby forcing a trade.
"It's pretty complex, it's not just as simple as a straight swap or whatever these days," Rutten said.
"Still probably another month to go until that trade window really opens up, so there's a lot to play out - and we don't have clarity."
Rutten said assessing what was appropriate compensation for losing Butters was difficult.
"Zak is a star of the competition, he's a three-time All Australian, three-time best and fairest here at the football club," he said.
"I think everyone's well aware of what is Zak's standing in the game, what he's capable of - and he's got a lot of footy left in him.
"Who knows what that's going to look like? And that is as honest as I and we can be around that."
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