Portsmouth's administrators have confirmed they have received an offer to buy the troubled club from football financier Keith Harris.
The former Football League chairman is fronting a bid to rival that of the Pompey Supporters' Trust, although he wants the fans' group to be involved in the proposed takeover.
"We can confirm that we have received another offer for Portsmouth Football Club," said Trevor Birch of administrators PKF.
"This offer has been made by Keith Harris, a former chairman of the Football League, together with Pascal Najadi, deputy chairman of the investment bank AIAK Group, and Alan Hitchins, a professional investor.
"Keith Harris has indicated that he would like to meet with the PST to discuss a stakeholding and participation in the club going forward."
The PST are the preferred bidder of PKF but their proposal hinges on buying the club's Fratton Park ground, which is controlled by former Portsmouth owner Balram Chainrai.
PKF are seeking permission to sell the ground and are due in court with Chainrai's company Portpin next Thursday, although Birch says the new offer could mean the hearing, which has already been adjourned several times, may not be necessary.
"We believe this offer is worthy of consideration and could be completed without the need for a court case," he added.
"As officers of the Court, the administrators are charged with securing the best return for all creditors and therefore have to consider the offer.
"We will need to discuss the terms of the deal with the PFA and the Football League, and also plan to consult the Creditors' Committee as a matter of urgency.
"This has been a complex administration and we are doing all we can to resolve the situation as quickly as possible. We will provide an update as soon as we have further news."
Portsmouth have been in administration since February last year and will be deducted 10 points if and when they exit.
They are currently second from bottom in npower League One, two points above Hartlepool, having lost their last eight matches.