Brian Kennedy has confirmed he will submit a takeover proposal for Rangers by Friday's deadline - but only as a "fallback" option.
The Sale Sharks owner says he has met Rangers manager Ally McCoist and discussed the club's situation with former Ibrox boss Graeme Souness.
The Scot said in a statement: "I hope to get something in by Friday purely as a fallback for the administrators, should the other bids fall over or not be acceptable."
Kennedy, a self-confessed Hibernian fan, has previously stated he would be a reluctant owner of Rangers, likening the difficulty of the job to being Prime Minister.
He expects to lose out to former Ibrox director Paul Murray's 'Blue Knights' consortium, which is backed by supporters groups, but he wants to ensure there is at least one viable bid in to avoid the club going out of business.
In a statement issued by the Aviva Premiership rugby union club, Kennedy said: "I think there is a big job to be done at Rangers. It will be like starting from scratch and if I was to get involved then I would utilise the expertise and experience of people who know football and Rangers in particular far better than I do.
"Graeme Souness is a personal friend, so I have talked to him about Rangers. But I have not taken it any further than that, because we need to see how the next 24 hours develops. I also met Ally McCoist last week and that was just a getting-to-know-him exercise. He is such a lovely lad and very capable."
Administrators Duff and Phelps set Friday as the deadline for first indicative bids.
Kennedy added: "If I am going to be in a position where they ask me to press on with it, then I want to know more about it. The administrators will be looking to get the best possible deal, that is their duty."
Murray has also confirmed he will make an offer by Friday's deadline while administrators previously revealed interest from Singapore and America.