Representatives of all 42 clubs gathered at Hampden on Thursday but there has been no meeting involving all parties.
The delay centres on the SFL board's request for more financial information about the new league set up.
The meeting at the national stadium has been adjourned until 19:00 BST.
The SPL and SFL were meeting to agree on the formation of a new Scottish Professional Football League.
“We've just asked for clarity on the clubs in the Second and Third Division as to what our worst-case scenario is”
Annan chairman Henry McClelland
A revised financial distribution model would be introduced, feeding more money into the second tier.
The league structure would remain the same, with a top flight of 12 and three lower divisions of 10.
SPL clubs had already unanimously agreed on a package of measures that would deliver a merged league body for the new campaign and play-offs between the top league and the second tier.
There had been dissenting voices from Second and Third Division clubs but 23 of the 29 clubs voting backed the plan for restructuring.
A minimum of 22 votes was required, while Third Division champions Rangers did not get a say as they remain associate members having joined last summer.
Earlier plans for a 12-12-18 divisional set-up were jettisoned in April after the model failed to get the 11-1 majority backing required from the 12 SPL clubs.
Speaking before heading into Hampden on Thursday, Annan chairman Henry McClelland said: "Today is one of significant history in the game. Everyone's saying it's for the good of the game we move forward, well, we'll judge that in a few years' time, I think.
"Small clubs like Annan Athletic, we're going to be put into financial difficulty because of this merger."
Later, McClelland said: "We've just asked for clarity on the clubs in the Second and Third Division as to what our worst-case scenario is; the best case and probably the most likely.
"That's normal in the due diligence process."