With United £81m in debt and struggling to restructure their finances with their major creditors, the announcement that Leeds stand on the brink of administration has raised fears that there will be another fire sale in the January transfer window.
Alan Smith is likely to be the most sought after, along with goalkeeper Paul Robinson and youngsters James Milner and Aaron Lennon.
While Mark Viduka is widely expected to leave the Premiership's bottom club, his sale would not cause as much fuss as the rest.
John Boocock, the chairman of the Leeds United Supporters' Trust, said: "The fans are that punch drunk with all the blows they've had to take, they will not be surprised at anything. When Woodgate was sold people were shocked and amazed, but I don't think that would be the case with Smith.
"I think the only way we can hang on to the likes of Smith, Robinson and Milner is if some kind of sugar daddy comes in, but nobody is going to buy a company on the brink of receivership. If Smith were sold the fans would be screaming for blood. It would be the unthinkable happening.
"We are calling a public meeting of supporters within the next fortnight to discuss the present situation and the way forward.
"We want to look at any potential purchase of the club should they be sold off by any administrator as it would give us the chance to bid for control.
"As far as the supporters are concerned we don't have any faith in the board at all and the time has now come for them to call it a day."
Ray Fell, chairman of the Leeds United Supporters' Club, said:"Selling Woodgate was a big blow, but losing Smith would be even bigger.
"The money generated wouldn't help the club to any great extent. The transfer market is not what it used to be and although Smith is a star player, we are talking about the club needing millions more than anything he would generate."