Balraim Chainrai has revived his bid to buy back Portsmouth and will submit a new offer to the League One club's administrators.
Last week, Chainrai's Portpin released a lengthy statement in which the company ruled itself out of the running for the stricken South Coat club, blaming the administrators for a lack of support.
That left Portsmouth's Supporters' Trust as the only remaining bidders - but Chainrai, who remains Pompey's biggest creditor, voiced doubts about the viability of the deal and has submitted a new offer to KPF administrator Trevor Birch.
Birch said that would be followed by a revised offer and business plan from the trust, adding: "Portpin has submitted a new offer, and we are now reviewing it.
"We have been working with the trust since Portpin's original offer was withdrawn, and understand that the trust is on track to submit a business plan and revised offer tomorrow.
"We will assess its bid once it has been submitted, and will then determine which offer provides the best deal for creditors, as is our duty as court-appointed administrators."
Portpin withdrew its offer on August 15, leaving the Fraton Park club facing the threat of liquidation. Its statement criticised KPF and claimed former Portsmouth players and management staff still had "huge football creditors' claims".
"Portpin Ltd regrets to announce that it is withdrawing its bid for Portsmouth Football Club," it said. "Unfortunately, our efforts to save the club once more from extinction have hit a wall of rejection and been lacking co-operation from the administrator and other interested parties."