American businessman Bill Miller has been named the preferred bidder to take over Rangers by the club's administrators Duff & Phelps.
The tycoon is believed to have lodged a more desirable bid than Sale Sharks owner Brian Kennedy, who is joined alongside the Blue Knights consortium, led by former Gers director Paul Murray.
"We would like to thank all parties for their efforts in seeking to submit bids which preserve the long history and success of the club," said joint administrator Paul Clark.
"We are delighted to announce that today we have received an unconditional bid for the business and assets of Rangers Football Club plc from Mr Bill Miller which has been accepted in principle and he is now the preferred bidder. Mr Miller now proposes to complete his transaction by the end of the season."
The news may come as a disappointment to a number of Rangers supporters, who unveiled banners reading 'Yanks No Thanks' during their side's 5-0 win over Dundee United last night.
The Blue Knights submitted a revised bid on Monday after the club's administrators expressed the need for an improved offer.
The former Scottish Premier League champions are due to hold a press conference at 12pm.
Danielle Joynson
