Scott's revelation means another free agent in Shaun Higgins looks unlikely to move down the highway from the Western Bulldogs to join the Cats.
It was recently reported that Geelong and North Melbourne were leading the race for Higgins' services.
Early exit will drive disappointed Cats, vows Scott
But Scott said while the Cats would leave no stone unturned in improving their list, Frawley was currently their sole target.
"We're always looking at all the options," Scott told Triple M on Saturday.
"We have a very clear list management strategy and that involves exploring free agency.
"I think we've been quite public as a club in saying that we don't necessarily support free agency but it's a reality.
"We've got an obligation to pursue all avenues available to improve our list.
"If James Frawley doesn't eventuate, then I guess we'd be open to looking at things in the future.
"Having said that, we don't have anything in the pipeline other than James for this season."
Scott said he wasn't sure where current negotiations sat with Frawley, who is an unrestricted free agent.
Frawley is expected to depart Melbourne after refusing to sign an offer put forward by the Demons near the end of the season.
Higgins is a restricted free agent and the Bulldogs still have believe he will remain at Whitten Oval, despite the fact multiple clubs are said to be chasing him.
"We continue having discussions with Shaun and I'm certainly hopeful that we can figure something out," Bulldogs CEO Simon Garlick told SEN during the week.
