Rangers players may have to accept up to a 75% wage cut if they are to stave off the threat of immediate job cuts.
STV understands the squad have been offered three options by administrators over the severity of the restructuring at the club.
Manager Ally McCoist joined his players in a lengthy meeting at Murray Park on Thursday, with representatives from PFA Scotland and administrators Duff and Phelps also present.
It is understood the first option tabled would see every player keep their job but accepting an instant pay cut of up to 75%.
Option two would see some players leave the club, with a 50% wage cut applied immediately to those who are kept on.
The most swingeing action would see 11 players lose their jobs immediately, with those remaining taking a less severe wage cut.
STV has learned the players will mull over their decision overnight, before reaching an agreement on Friday. If the squad can not reach a consensus, the administrator will make the final decision.
It is also understood the management team of McCoist, Ian Durrant and Kenny McDowall are all prepared to take major pay cuts to help preserve jobs.
PFA Scotland president Tony Higgins, chief executive Fraser Wishart and their lawyer were all present at Murray Park for talks, with representatives Jack Ross and Stuart Lovell also in attendance throughout the day.
Administrators Duff and Phelps were expected to announce redundancies on Thursday, before announcing their final decision had been delayed with “discussions… ongoing regarding potential cost saving measures”.
The majority of McCoist’s first team squad trained ahead of their weekend game with Hearts prior to their meeting, minus Carlos Bocanegra, Maurice Edu and Dorin Goian, who did return from international duty in time.
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