A £6MILLION offer to buy Rangers will be formally submitted to London investment bank Zeus Capital by businessman Jim McColl today.
The bid will be placed on behalf of the group fronted by former manager Walter Smith. They will then await a response from the Charles Green consortium that took control of the Ibrox club only four days ago.
The offer is unlikely to succeed given that Mr Green has already claimed his investors had spent about £10m on acquiring Rangers' assets and were not looking for a quick sale.
However, it will be the catalyst for further discussions between the rival parties, which could eventually result in a fee being agreed and another change of ownership.
Smith is on holiday but McColl and fellow consortium member Douglas Park are available to progress any negotiations if they receive any encouragement from Green or his financial backers this week.
The bid will come as the SPL board meets at Hampden. Green will submit a formal request for the transfer of Rangers' SPL share held by the old company, called Rangers Football Club plc, to his new company, called The Rangers Football Club.
A 14-day notice period will be required before the 12 top flight clubs can meet to discuss whether to allow the new Rangers into the SPL and, if so, what undertakings Green would have to give for that to happen.
The SPL published its 2012-13 fixture list at 9am today and the name Rangers did not appear on the schedule.
Their place was taken by "Club 12", which could turn out to be the newco or – if the vote goes against the club – potentially First Division runners-up Dundee or even relegated Dunfermline.
As a result of the Rangers crisis the Scottish Football Association is continuing to look into a possible merger of the SPL and Scottish Football League to create a single national league body with a more equitable distribution of income and a pyramid system.
But there is no prospect of that complex development being agreed before the start of next season.
One SPL club director said Rangers' liquidation had given the organisation a rare opportunity to change its voting procedures and remove the controversial requirement for an 11-1 majority on votes on commercial issues.
Motherwell board member Andrew Lapping said Rangers had to be punished for past arrogance and bullying, but the bigger picture was the opening the club's liquidation created for change in the SPL.
Mr Lapping described Rangers and Celtic as "sworn enemies on the pitch but avid lovers off it".
He said the 11-1 clause, which effectively gives the Old Firm the power of veto because they habitually vote together, had been hugely damaging since the formation of the SPL.
"Rangers' inevitable demise has given the game a real chance to cure its ills, a once-in-a-lifetime opportunity to reorganise itself, most importantly to reintroduce true competition to the SPL," he said.
"At the very least, the SPL should seize the opportunity to change its voting structure, such that decisions are made by the majority not the minority, whose sole aim has been to protect their vested interests – and to what end?
"On football grounds alone, Rangers need to be punished for their arrogance, tax evasion, and downright bullying – the punishment will only be temporary, but the real opportunity is for a change in voting rights to facilitate wholesale reform for the good of the game.
"This may be tough on both Celtic, a well-run and honourable club, and newco Rangers, but most supporters – the majority – will welcome a more level playing field.
"Those who worry about the Sky deal should recall the SPL TV initiative, a great idea blocked by the Old Firm over a fight about cutting up the cake. In reality, the Sky money should not be allowed to dominate the game like it does.
"Competition will raise standards, increase interest from passive supporters and ultimately see a redistribution of income across a wider number of clubs.
"That is for the future. The catalyst is an immediate change in the voting system, to be followed by a root and branch review in the knowledge that the conclusions can be implemented."
Meanwhile, Mr Green has denied that Mike McDonald and Rafat Rizvi had put any money into last week's takeover.
Mr Rizvi, a British citizen who was once on Interpol's wanted list after being accused of stealing assets from Indonesia's Bank Century two years ago – a charge which he denied – had been linked with the consortium that bought Rangers for £5.5m last week.
Mr McDonald, a former Sheffield United chairman, had publicly discussed a potential investment.
But Mr Green said: "[Mike McDonald and Rafat Rizvi] are not investors in Rangers, nor in any fund that has invested in the club."
Brian Stockbridge, Rangers' new finance director, also denied that Zeus Capital wanted a quick sale of the club for profit, or that they might try to sell Ibrox and enter a rental deal for the stadium.
"Zeus are not sellers and there will be no sale and leaseback of the property assets," said Mr Stockbridge.