Rangers have announced that American businessman Bill Miller is the preferred bidder for the club.
The financially-stricken Scottish giants went into administration in February while owner Craig Whyte has been deemed "not fit and proper" to run the Gers.
Administrators Duff and Phelps released a statement on the club website confirming their preference.
Paul Clark, joint administrator, said: "We are delighted to announce that today we have received an unconditional bid for the business and assets of Rangers Football Club plc from Mr Bill Miller which has been accepted and he is now the preferred bidder. Mr Miller now proposes to complete his transaction by the end of the season.
"After many weeks of negotiation and deliberation we believe that the structure of the bid from Mr Miller provides not only the most deliverable outcome but preserves the history of the Club. Rangers Football Club will continue as the football club it has been for 140 years."
Clark also confirmed Miller's bid would prevent the club going into liquidation.
He added: "Very importantly, the bid also avoids the need for liquidation. All too often the term liquidation has been bandied about during the process without a clear understanding of what it actually means.
"Liquidation means selling off the assets of a business individually to raise cash and therefore bringing about the closure or winding up of that business. This has never been on the table from any party in any form. There is no liquidation involved in this strategy and we cannot stress that strongly enough.
Miller announced plans to form an "incubator" company which would transfer Rangers' assets to a new company.
His initial bid was dependent on the Scottish football authorities not imposing further sanctions on the club, but the administrators described the offer as "unconditional".
Pivotally, the offer would not require the immediate transfer of Whyte's 85 per cent shareholding in the Blues either.