Lithuanian bank Ukio Bankas has approached insolvency experts BDO to become Hearts' administrators, Press Association Sport understands.
The Tynecastle club confirmed on Monday night they planned to serve the Court of Session with their intention to apply for administration. The club's board are understood to want accountants from KPMG to handle their case.
However, Press Association Sport has learned that BDO - the firm currently battling to save Dunfermline - is the preferred choice of Kanuas-based Ukio Bankas, which owns 29.9 per cent of Hearts and is owed Â£15million by the club. It also holds a claim against Tynecastle as security on the debt.
However, the bank last week lost an appeal against being liquidated and its operations and finances are now being controlled by Gintaras Adomonis of Lithuanian administrators UAB Valnetas.
Hearts majority shareholder UBIG - which owns 50 per cent of the club - has had its assets frozen after admitting it cannot service its liabilities. Administrators, however, have yet to be appointed to oversee its fight for survival, leaving the Ukio Bankas administrator to call the shots.
The troubled situation of both companies - both formerly controlled by Vladimir Romanov - has now raised real fears among the club's supporters that Tynecastle could be sold off to meet the debts of the parent companies.
A decision on which firm will handle the Jambos' administration process is likely to be made on Tuesday, with a hearing at the Court of Session expected to follow on Wednesday.
The decision to place the club in administration follows months of turmoil at Tynecastle.
A winding-up order launched by Her Majesty's Revenue and Customs in December over an unpaid Â£450,000 tax bill was only staved off with the help of a Â£1million sum raised by supporters.
The threat of a second winding-up order following a row over an outstanding Â£100,000 sum caused yet more panic, although the majority of that sum has now been paid. But that was not the end of their troubles as the Tynecastle outfit were then hit with an automatic transfer embargo by the Scottish Premier League last Friday after admitting they could not afford to pay their players.