Portsmouth's administrator Trevor Birch has held talks with former owner Balram Chainrai about saving the stricken Championship club.
The Hong Kong businessman, who is reportedly owed nearly £20million from his previous time in charge at Fratton Park, could step in to prevent Pompey from going bust before the end of the season.
Birch last week warned that Portsmouth are in real danger of not being able to fulfil their remaining fixtures this term.
He told the club's official website: "I'm continuing to work on plugging the funding gap to get us to the end of the season and also working on the cost structure, primarily player costs, for next year in order to reduce ongoing losses and attract potential purchasers.
"As part of that process I have had initial discussions with Balu Chainrai, in his role as a major creditor of the club.
"It is my duty to explore all possible avenues to try to save the club as a going concern."
Chainrai told Sky Sports News HD on Sunday that he would be prepared to become Pompey's owner again if it prevented the club from going into liquidation.
He also admitted that he would be willing to write off some of the money that he is owed in order to help save the club.