The club have endured a fraught season in League One, having been in the relegation picture throughout the campaign.
Despite that, Rovers still have a chance of securing survival amid a mini-league at the foot of the table.
Individual futures are also on the line.
The likes of Tom Anderson, John Bostock, Cameron John, Dan Gardner and Aidan Barlow are among those out of contract, while loanees Josh Martin, Ethan Galbraith and Ben Jackson will return to their parent clubs.
The club may also elect to try and move on other players who have underperformed this season, more especially if relegation is confirmed.
McSheffrey, whose second-from-bottom side welcome Charlton today, said: "There are discussions that are going to take place in the next couple of weeks when everyone is able to get around the table together.
"They are ongoing discussions and we have some big decisions to make and some ruthless decisions to make because it is a big squad here and ultimately there are areas that definitely need freshening up.
"Ultimately, it could depend on divisions and what type of salaries you can pay. Those discussions and meeting has not taken place yet."
Meanwhile, McSheffrey remains confident he retains the full support of the Rovers hierarchy and feels no 'pressure from above' despite his side remaining entrenched in the relegation zone following his promotion to full-time manager.
McSheffrey has won five of his 20 league matches in charge.
"I’ve signed a 12-month rolling contract so as far as I know every day I’ve got 12 months of employment left,” he said.
"That’s a question you’d have to ask them [the board]. But I don’t feel any pressure from above, no.”