Sky Sports sources understand that talks will continue on Wednesday between administrators and the Rangers players on wage cuts after no agreement was reached on Tuesday.
The Gers players had previously rejected the idea of salary cuts as they preferred the idea of deferrals.
However, the administrators rejected that, but wage cuts are now back on the agenda after the news that Swedish midfielder Mervan Celik and Scotland Under-21 international Gregg Wylde took voluntary redundancy at the SPL giants earlier on Tuesday.
The deal, which is still to be ratified and must be agreed by some of the players' agents, would potentially involve staggered cuts in the region of 75 per cent, 50 per cent and 25 per cent, depending on the player and their earnings.
Effectively, the highest earners such as Allan McGregor, Steve Davis, Steven Whittaker, Lee McCulloch and Steven Naismith would take a 75 per cent pay hit with the medium earners taking a 50 per cent cut and those at the bottom end of the scale, including the youth team, around 25 per cent.
This would then be re-evaluated at the end of the season.
Goalkeeper McGregor is among the highest paid players, having signed a six-year deal last summer, and he denied, through his solicitor, that he had refused to take a cut.
In a statement, Margaret Gribbon of Bridge Litigation said: "Contrary to some media reports Allan has not refused to accept a salary reduction.
"These allegations are false and Allan has instructed me to make clear if these allegations are reported as fact he will have no option but to resort to legal action.
"Allan along with many of his fellow players is committed to making personal salary sacrifices to ensure the club survives.
"Allan has and will continue to extend his full co-operation with the administrators at this very difficult and challenging time for the club."
The deal would eventually buy up to three months of time and money until the end of the season with the administrators hoping to save £1million a month at the crisis-stricken club.
If the administrators believe this deal can be done, then that could potentially stop redundancies, but negotiations are still progressing and ended on Tuesday night with no agreement reached.