The former Doncaster boss, who got his first win as the Pirates` boss at the weekend, is looking to re-enforce his depleted squad with some permanent deals.
He told BBC Radio Bristol: "Ideally I'd like to bring in a striker, a centre midfielder and right winger.
"We've already got four players on loan so we've got to look for permanent deals really.
"We're trying to make sure we get the right deal and not just anyone."
Penney has already made two signings in this transfer window, adding defensive duo Cian Bolger and David McCracken on loan from Leicester and Brentford respectively.