They also revealed that current owner Craig Whyte has stated that he would not be a barrier to a sale to any of the prospective buyers of the Scottish champions.
Meanwhile, administrator Duff & Phelps is investigating the consequences of liquidation with football authorities.
“We are obliged, as part of our statutory duties, to put forward our initial report and statement of proposals to creditors by 5 April”
The administrator has confirmed that it has started negotiations with the Scottish Premier League, the Scottish Football Association and Uefa in anticipation of the formation of a so-called newco Rangers should that course of action be followed by a new prospective owner.
Rangers have applied to European football's governining body for participation in its competitions - the Champions League and Europa League - next season despite having missed the 31 March cut-off for securing a licence and being told there would no extension granted.
Two of the likely bidders are considering the newco route as well as a company voluntary agreement, reached with current creditors, while two others are exclusively going down the CVA route.
That news came hours after it emerged that the Blue Knights has broadly agreed a deal with Ticketus, to whom Whyte sold several years of future season ticket sales before putting the club into administration, to wipe £17m off the club's debt.
The consortium led by former Rangers director Murray will continue negotiations overnight with the aim of having Ticketus as part of its offer.
Whyte insists that suggestions he has agreed to transfer his shares to the Blue Knights is premature, although he stresses that he would not be difficult to deal with for any of the bidders.
Murray's Blue Knights hope to agree a takeover bid involving Ticketus
Joint administrator David Whitehouse said: "What I am told today is that those parties who we are still in negotiation with who are discussing a CVA, none of those parties are coming to me and saying they haven't been able to agree a transfer.
"Those which are conditional upon a transfer of his shares, as I understand it, he has agreed with them.
"As we sit here today, he is not being a barrier to the Blue Knights deal."
A US group fronted by Club 9 Sports and a consortium from Singapore are the other knows bidders, while another UK-based consortium appeared to have dropped out the running last week.
"At the moment, we would expect four bids to come in and possibly a fifth," said Whitehouse.
"We have had quite detailed conversations with those parties over the last week and particularly the last 48 hours.
"We want to conclude a process so that we can be in new ownership by the end of the season.
"While there are a number of different options to achieve that, all would involve the continuation of the football club as a business."
Whitehouse stressed that even liquidation would not mean the closure of the club, which would simply continue to operate as a new entity.
"To achieve that, you would obviously need SFA, SPL and, to a lesser extent, Uefa agreement and buy-in and we have been in dialogue with all those parties," he said.
"What we have also discussed with interest parties is the concept of a hybrid of both whereby they could buy the business into a newco but trade it through the existing company to preserve the SPL share."
Meanwhile, Duff & Phelps announced that it will produce an interim report and statement to Rangers' creditors on Thursday.
Creditors will be able to vote, via Rangers' website, following a meeting held through correspondence on the measures taken and proposals being made by the administrator, which points out that a full CVA might be required later in the sale process.