Alternatively, 11 players could be made redundant. If 11 players do go, it is understood that there would also be a 50% pay cut deferred until the end of the season.
The alternative is fewer job losses but larger salary cuts across the club. A third option of a 75% wage cut across the board with no redundancies was discussed but that scenario is highly unlikely.
According to BBC Scotland they have learned that the club's running costs between now and the end of the season are about £10m. After income from various sources including match days, it is thought the shortfall is about the £4.5m mark.
One source said: "This is not going to be a pain-free experience.
"There is no magic wand to be waved here, that is just wishful thinking."
Another potential source of income would be to sell players to countries that still have their transfer windows open and discussions are ongoing with several clubs.
Talks between the players, PFA Scotland union and the administrators are also continuing. Rangers' administrators have delayed an announcement on player and staff job cuts until Friday.
"Discussions are ongoing regarding potential cost saving measures and announcements will be made at the earliest opportunity, most likely tomorrow," the club said.
Meanwhile, Celtic chief executive Peter Lawwell has denied media reports that his club had agreed to pay Rangers for tickets in advance of the upcoming Old Firm derby at Ibrox.
In an open letter to the Daily Record published on Celtic's website, Lawwell said: "There was no agreement for Celtic to pay in advance for these match tickets. Therefore, the accusation that Celtic 'reneged' on an agreement is wrong.
"The actions of Celtic Football Club have not threatened jobs at Rangers. Any suggestion to the contrary is also wrong.
"There is no 'bust up'. Indeed we are pleased that yesterday (Wednesday) we received our allocation of tickets for the match from the Administrators of Rangers Football Club.
"We will sell these in the normal manner and will abide by the rules of the Scottish Premier League.
"While we have no desire to become involved in the business of any other football club, we felt it very important that we set the record straight and in doing so protect the reputation of Celtic Football Club."
Rangers boss Ally McCoist was in meeting all day yesterday to try and come up with the best solution that leaves a squad capable of seeing Rangers through until the end of the season. Whatever happens though, he seems resigned to losing at least 8 players and it might be as many as 11.