The club, which currently sits in the Irn Bru Scottish Football League Division 1, may even avoid a points deduction.
The club was forced into administration with reported debts including a £365,000 tax bill. But Scottish League chief executive David Longmuir has given the club some hope.
He said: “The management committee has the power to deal with the situation as they think fit and there’s a range of options on offer to us.
“There is no hard and fast ruling in terms of the deduction of points while demotion when the season is up and running would be chaos.
“Gretna had 10 points automatically deducted at the time of their administration but that was under the rules of the SPL.
“And when Gretna and Livingston were demoted to the Third Division by the SFL, both situations took place in the close season which gave us time to deal with it before the start of the following season.”