Dai Young conceded Christian Wade would leave a huge hole in Wasps' squad should he depart to try and forge a career in the NFL.
On Friday, it was reported that flying winger Wade, 27, will quit the Premiership side and take up a new career in American football.
A subsequent Wasps statement confirmed the club was aware of the speculation and said an update on the matter would be made in due course.
Director of rugby Young said there was nothing to add to Wasps' latest comment, but admitted he would not want to lose players from his squad.
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Speaking to BT Sport after Wasps' thrilling 35-35 European Champions Cup draw with Bath, Young said: "There's nothing really more [to add other] than the club statement.
"At this moment in time I can't say any more on the subject.
"You don't want to lose any of your players and he's been one of our best players over a number of seasons, but at the moment it's just speculation.
"It goes without saying across the board [that we would need a replacement]. We've lost a number of players through injury this season and then you've got to try and fill the holes."
Wade is thought to have made his decision after being consistently overlooked for England duty, having won just one international cap against Argentina in 2013.