A bid to buy Rangers could be lodged within days.
A consortium headed by London-based property developer Andrew Ellis, a former director at Queen’s Park Rangers, is preparing to make an offer.
However, BBC Scotland has learned that two other parties are also considering bids to take over the Ibrox club.
Sir David Murray, who relinquished his chairmanship and place on the board in August, controls around 90% of the shares in the Scottish champions.
Rangers, who are refusing to comment, are £31m in debt and last month chairman Alastair Johnston warned that the “future outlook remains fraught with challenges”.
The club has been under pressure from Lloyds Banking Group to bring their costs under control and have not signed any players since August 2008.
The squad was trimmed last summer, while Portuguese midfielder Pedro Mendes was sold in January.
Manager Walter Smith and his assistant Ally McCoist have been working without contracts since their agreements expired at the turn of the year.
Rangers enjoy a 10 point lead in the championship race, with a game in hand over closest challengers Celtic, while they are in the final of the Co-operative Insurance Cup and the quarter-finals of the Scottish Cup.
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