Craig Whyte has agreed to sell his 85% shareholding in Rangers to an English-based consortium, Press Association Sport understands.
The consortium held talks with administrators Duff and Phelps on Thursday afternoon and Whyte is hoping the group can strike a deal to take over the Ibrox club by Friday ahead of attempts to exit administration through a Company Voluntary Arrangement (CVA).
The new group contains figures who have been in involved at chief executive and chairman level at English Premier League and Championship clubs in the past and Whyte believes they are the only serious bidders.
Duff and Phelps, though, are evaluating three bids after American tycoon Bill Miller withdrew his offer earlier this week, just days after being named preferred bidder.
Rumours that Peter Kenyon was involved in the consortium which aims to take over Whyte's shares were denied by the former Manchester United and Chelsea chief executive.
He told Press Association Sport: "People use my name a lot but it is news to me. I've not had any discussions."
Previous bidder, Singapore businessman, Bill Ng resurrected his interest, while reports this morning also claimed former Ibrox bosses Walter Smith and Graeme Souness had links to other consortiums, although the latter has since refuted that speculation.
Meanwhile, Sale Sharks owner Brian Kennedy has told administrators they made a mistake when they opted to name Miller as preferred bidder ahead of a rival bid from himself and the Blue Knights.
Kennedy, who remains involved in the bidding process, told BBC Scotland: "The administrators chose the wrong horse when they went with Bill Miller. I wouldn't like to see them make the same mistake again."
Miller's Â£11.2million offer favoured a 'newco' scenario but Kennedy stressed again he would only consider a deal that involved exiting administration via a CVA.