Holloway has been critical of the 'balance' of the Foxes squad following his arrival at the Walkers Stadium last month and Mandaric has pledged to back his manager in the transfer market.
"We are looking at four or five players. I am going to give Ollie my support and see how we can go," he said.
"We are in a situation where we have to increase our quality and that is what we are going to do.
"Ollie and (chief scout) Gary Penrice are working very hard to identify players. It is a very challenging job and it is not easy." Mandaric has also suggested there will be outgoings when the window opens next month.
He added: "Players that are not playing are not happy so we will try equally hard to find them some new homes."