The Ibrox club has confirmed it will consider a compromise move which would add former chairman John McClelland and three other men to its board of directors.
The move, proposed by a group of disgruntled shareholders led by billionaire businessman Jim McColl, would see Mr McClelland, former IBM vice-president, returned to the Ibrox boardroom, possibly as chairman.
They have also proposed appointing former Blue Knight Paul Murray, Sandy Easdale and Frank Blin as directors.
Mr McColl, chairman of Clyde Blowers Capital, and his group signalled they were ready to withdraw their earlier request for an extraordinary general meeting (EGM) in a bid to have chief executive Craig Mather, finance director Brian Stockbridge and Bryan Smart removed from the board.
Fans supported the removal of the directors because of further financial issues at the club.
Andy Kerr, president of the Rangers Supporters Assembly said: "This leaves us in a halfway house. The EGM would have been a cliff edge, it would be yay or nay, in other words, no halfway house."