Supporters at Elland Road are eager to see an influx of fresh faces, with new owner Massimo Cellino now at the helm and star striker Ross McCormack offloaded to Championship rivals Fulham for £11million.
Four arrivals have been welcomed so far, with Stuart Taylor, Marco Silvestre, Tomasso Bianchi and Souleymane Doukara snapped up.
Further reinforcements are required, though, if Leeds are to push for a top-six finish in 2013/14.
Hockaday acknowledges as much but has been quick to point out that he will not be rushed into making rash decisions.
He told the Yorkshire Evening Post: "I've said before that Leeds had some good players here last season and a number of them have gone, including Ross.
"From my point of view, if we need to replace them we will replace them and we'll do that as quickly as we can, but we won't panic and we won't do anything silly.
"We might have to show patience in some positions and some things might move quicker than others but it's one of those things where if there's a gap to fill, we'll fit it properly and professionally, but if it needs patience, we'll show patience."
Asked if he expects imminent movement, Hockaday added: "That would be inappropriate to say and I've got to sit down with the present.
"We are back training on Thursday so I will have a chat with him then and we'll see where we go from there."
One of those hoping to make an early impression will be loan signing Doukara, and Hockaday is convinced the French forward will shine.
He said: "I had his agent on trial at Watford many, many years ago and what I have said about us is that we will be honest and hard-working.
"That's Doukara. He's honest, he's hard-working and he will put in a shift.
"The Leeds United fans, whatever he does or doesn't do, they will not be able to say that he hasn't put in a shift because he's a hard-working lad."