There has been much speculation about who is interested in taking over from the American pair, who finally admitted two months ago they had taken the Reds as far as they could after three turbulent years.
But Broughton said he expected the first serious offers to come in within a couple of weeks and the process would then continue after that with a view to a final sale being completed by August or September.
"There have not been any offers at this stage," said the British Airways chairman who was brought in to oversee the sale.
"There haven't been any offers to turn down and I wouldn't have expected there to have been at this stage.
"There are a number of interested parties but there's no specific deadline on it.
"We are looking to the middle of July-ish for the first round of bids but that's not a final stage - that's a first entry through.
"We're hopeful - and I wouldn't put it any stronger than that - that a deal can be done by the end of the transfer season.
"That was always from the outset a hope rather than necessarily an expectation, because these things can take time.
"We are on course, pretty well, with where we would have expected to be."
Hicks had been quoted as suggesting the asking price for the club could be as high as £800million and they would hold out for the best offer.
However, Broughton - appointed by Barclays Capital - confirmed Hicks and Gillett could not veto a sale and no acceptable figure had been set to sell.
"The process is well under way. The owners have stepped aside, stepped down. I'm overseeing the process and Barclays Capital are running the process," he added.
"The owners can't block the sale of the club. I read all too frequently numbers being floated about in the media, normally associated with Tom Hicks' name. I would like to make it clear there is no number. There is no base line.
"This is a willing buyer, willing seller auction. We will do a deal with what we consider to be the best bidder.
"The best bidder may not be the highest bidder. It's about more than just money.
"It's about stadium development, the team and the whole piece.
"Once we've been through the process, the best bidder gets it."