Sky Sports understands that Steven Davis, Steven Naismith, Steven Whittaker and Allan McGregor have accepted 75 per cent wage cuts with Rangers' administrators.
The administrators from Duff and Phelps had warned of 'significant redundancies' from the playing staff unless agreements could be concluded.
Talks had previously been slow and an agreement with the whole squad had not been reached, with the administrators insisting a deal needed to be concluded by Friday afternoon.
With Gregg Wylde and Mervan Celik departing the club earlier this week, now the administrators do look to be making progress with captain Davis, Naismith, Whittaker and McGregor agreeing to the cuts after talks late into the night on Thursday.
"We have done all we can to find a solution, there are a lot of Rangers fans in the squad and we just want to get this fixed so hopefully a deal will get done and the players will do it," Naismith told Sky Sports News.
"Everyone is trying to reach a good conclusion and get the best for the club, there are a lot of innocent people here who just want to get on with their lives and get a job at the end of the day."
One of the administrators, Paul Clark, confirmed some deals with players would include 'exit' clauses.
"I don't think that should be considered that any or all of the players are considering that they want to leave the club in the summer," he said.
"It's just a safety mechanism from their point of view, in exchange for the very substantial amounts they're giving up, to give them some flexibility depending on what the new ownership structure looks like when the club comes out of administration."
Administrators have claimed their reluctance to make cuts so far has been out of a need to preserve some value to the playing squad in order to attract buyers.