Fry told BBC Radio Cambridgeshire: "He's already spoken to Burton, Stevenage and Wycombe.
"There are four clubs in for Scott. He is happy down in Torquay, but they have got no money so I can't do a deal."
Rendell has made just 14 appearances for Posh since signing from Cambridge United in February 2008 and the club are keen too offload the former Crawley man.
Fry added: "He's got two years left with us, Torquay is his preferred club.
"They may take him on a year's loan but that doesn't really get rid of him and they're not a flush club so they can't pay us a big loan fee."
Fry also ruled out a return to Cambridge for the striker, who was a popular figure at the Abbey Stadium.
Source: BBC Sport
Source: BBC Sport