Portsmouth administrator Trevor Birch has given the two parties wanting to takeover the League One club a fortnight to finalise their bids.
Pompey Supporters' Trust and former Pompey owner Balram Chainrai, through his company Portpin, have both made offers to buy Pompey and take them out of administration.
But Birch is concerned that neither party are in a position to complete a deal and has given them two weeks to reassess their bids.
"We have held detailed discussions with both Portpin and the Pompey Supporters' Trust over the past week," he said.
"As neither party is currently in a position to complete a deal we have been unable to make an informed decision as to which offer is in the best interests of creditors.
"We have therefore decided to give both parties two weeks to finalise terms to acquire Portsmouth Football Club.
"We will now work with Portpin and the Trust as they finalise their plans and seek to satisfy the Football League and the Professional Footballers' Association of their respective abilities to sustain the club in the future.
"We will also use this opportunity to request a review of the points deduction that is being held in abeyance on the club by the Football League."
Michael Appleton's side, who have only been able to sign players on one-month contracts due to the financial restraints at Fratton Park, have drawn two of their opening three League One games, but will face a 10-point deduction when they exit administration.