It is understood that one of the previous bidders for the Ibrox club intends to submit a new offer today, while another is considering their options but could also return with a bid that is higher than the price Green has arranged with Duff and Phelps, the club's administrators.
A third, new bidder also intends to make a move for the Ibrox club, having previously only carried out due dilligence.
All three groups believe that the combination of higher purchase offers and the widespread belief among creditors that the £5.5m price undervalues the business and Ibrox, Murray Park and Albion car park, might be enough to pressure Duff and Phelps into backing out of their agreement with Green.
The administrators insist that they have a binding contract with the Yorkshireman's consortium, but it is understood that Green has not yet raised all of the £5.5m, so may be unable to complete the purchase.
Green and Paul Clark, of Duff and Phelps, were adamant yesterday that nothing would prevent their deal being completed following the Company Voluntary Arrangement vote at tomorrow's creditors' meeting. HMRC have indicated they will vote against the CVA proposal, which then prompts Green's deal to buy the business and assets for £5.5m.
A creditor can legally challenge this sale by claiming the assets are undervalued, but that can be difficult to prove.
However, HMRC may apply pressure to Duff and Phelps to accept one of the new, higher offers tabled, particularly if Green has not raised the full finance
Dave King, the Rangers director and the club's second highest shareholder, has also threatened to halt proceedings by seeking an injunction. "There is, in my view, no possibility that Green [as nominee for whoever] will ever own the club," King said.
It is believed that one of the investors in Green's consortium is Rafat 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.
It is also understood that Rizvi is investing £2m in Green's Sevco consortium, with Mike McDonald, the former Sheffield United chairman, investing a further £2m.
A third investor had agreed to put in £4m, but pulled out last weekend.
The Blue Knights, led by former Rangers director Paul Murray, and backed by Sale Sharks owner Brian Kennedy, Bill Ng's Singapore consortium, and a UK consortium all previously lodged bids before Duff and Phelps chose Green's offer.
Jon Pritchett, partner of US trucks tycoon Bill Miller who pulled out of the race to buy Rangers after examining the books as preferred bidder, said yesterday's events were "no surprise".
He said: "This was clearly predictable. As such, the asset purchase agreement should have been done and the newco should already be up and running.
"The club didn't have the luxury of wasting more time and money on this inevitable process."
Meanwhile, a spokesman for Duff and Phelps said that the company had worked to avoid the "doomsday scenario" of the club going out of business, and were paid in line with other insolvency experts. He estimated their fee at £3m, plus legal costs.
He said: "Duff and Phelps kept the club going in very, very difficult circumstances which was the primary purpose of administration.
"Administration fees are all subject to creditors approval and are also defined by the regulator for insolvency practitioners."
On a more positive note the newco Rangers will have no debt, other than a potential loan repayment to Green and his consortium, and no liability to HMRC for any tax cases.
But the club will have no guarantees it can continue to play in the Scottish Premier League and there is uncertainty about what sanctions the SPL and the Scottish Football Association will place on it.