Sasa Papac and Dorin Goian admit they fear for their futures at Rangers as the administrators begin their task of tackling the club's mountainous debts.
Financial advisory firm Duff and Phelps were called in earlier this month with the club struggling to manage their large debts, some of which relate to an unpaid tax bill dating back to Craig Whyte's takeover of the club last May.
The firm are currently undertaking a review of staffing levels, with wage cuts and job losses widely expected.
Papac, who joined the club six years ago from Austria Vienna, is out of contract in the summer and as one of the club's higher earners he does not expect to be offered a new deal.
The 32-year-old also admitted the players' shock at the club's financial plight, revealing it has been difficult for the team to concentrate on on-pitch matters with all the turmoil taking place off it.
"Any one of the players could go now for the good of the club's financial health," the Bosnian told the Daily Record.
"I know I have no chance of getting another contract or at least certainly not one at my existing level.
"I don't know what club I will go to because I have been here now for many years.
"It is unbelievable but it shows that bankruptcy can happen to any club. We continue to play as if nothing has happened but it is difficult.
"We have to wait and see what the administrators do. Their job is to clear Rangers' debts, which means the club could lose a lot of players as they are well paid - too well for the situation the club is in."
Romania international Goian meanwhile only joined the club from Palermo last summer but fears he may be one of the players sacrificed in order to appease the club's creditors.
"My future is unclear. I don't want to return to Romanian football yet and I don't want to sign for a club in China, like my brother Lucian," he added.
"I want to stay in Glasgow as I have two young children and it would be difficult to move the entire family twice in one year. It's very worrying."