Hopes were rising on Tuesday evening that a deal could be struck between Rangers players and administrators to avoid significant job losses at the club.
Talks continued throughout the day at Murray Park after both parties reconvened to discuss proposals from the players over helping the club make savings without job losses.
However, some players are expected to depart whatever the final outcome as Swedish midfielder Mervan Celik is believed to have agreed to leave as has Scotland Under-21 international Gregg Wylde.
Departures could be kept to a minimum though as both parties are understood to be close to an agreement.
Players had failed to come to a consensual agreement with administrators on Monday, a day the Duff and Phelps financial team had previously set as a deadline before they took matters out of the squad's hands.
But the administrators said they would consider a fresh proposal from players overnight and negotiations have continued.
Top earners at the club are believed to be considering wage cuts of 75% for a period of time, with cuts of 25-50% for those lower down the wage structure.
Goalkeeper Allan McGregor is among the highest paid players, having signed a six-year deal last summer, and he tonight denied, through his solicitor, that he had refused to take a cut.
In a statement released to Press Association Sport, 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."