Brian Kennedy has launched an attempt to block Mike Ashley's bid for control of Rangers' boardroom.
The Sale Sharks owner tried to rescue the club from administration in 2012.
He has now returned, offering a new financial "rescue package".
It is believed his deal was put to the Rangers board on Friday morning.
It came as Newcastle United owner Ashley proposed an emergency cash loan.
However, businessman Dave King has also insisted that his offer to take over the club is not dead and claimed Ashley's loan offer would not affect his plans.
King, one of South Africa's wealthiest men, had tabled a £16 million offer for a majority shareholding in the club's holding company Rangers International Football Club plc in conjunction with former director Paul Murray and shareholder George Letham.
The former Ibrox director criticised Sports Direct magnate Ashley for failing to meet him and accusing him of putting pressure on the board as he flew home to South Africa last night.
In a statement released today, King said: "I have been asked to make a personal comment on the rumour that the Rangers board is considering a loan from Mr Ashley. I don't see the offer of a short term loan by Mr Ashley affecting me in any way. Our offer is for a long term permanent solution that can take the club forward and unite the fans and the board for the first time in many years.
"The board is in the final stages of reviewing our offer and I expect a definitive answer early next week. Frankly, it doesn't seem possible that the board can do anything other than recommend it to shareholders given the dire financial circumstances and the fact that no other long term solution is on offer. Mr Ashley's involvement (and recently announced continued commitment) with Newcastle precludes him from making a similar offer of long term permanent equity.
"What Mr Ashley can do is attempt to increase his vice-like grip on the Rangers brand by improving his retail position as a condition for supplying short term debt to tide the club over until our permanent funding is in place. But I know that there are other investors also willing to provide bridging finance.
"The board will therefore not have to accept punitive terms even if Ashley attempts to oppose them. We must remember that the board is ethically and legally bound to act in the best interest of the company and all shareholders. Ashley can not expect preferential treatment and will not get it. I am confident that Graham Wallace and Philip Nash have enough integrity and commercial experience to do the right thing."
News of Kennedy's offer follows the announcement that financial consultant Philip Nash has resigned from the Rangers board with immediate effect.
A statement to the London Stock Exchange read: "The company announces that Philip Nash has resigned from the board of Rangers ("board") with immediate effect.
"The board would like to thank Mr Nash for his significant contribution to the company during what has been a particularly challenging period."
Nash was appointed as a director of the board in July 2014, six months after working for the club as a consultant.
The accountant, who has previously worked for Liverpool and Arsenal, worked on the Ibrox club's business review with chief executive Graham Wallace.
Mike Ashley had called for an EGM to remove Wallace and Nash as directors of the club.
Responding to Nash's resignation, King said: "He is a man of integrity. Perhaps he wanted to disassociate himself from something unsavoury."
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