Creditors are set to consider a financial package under a Company Voluntary Arrangement at Valley Parade next Thursday.
If they accept the proposal before them the club, which has reported debts of up to thirty million pounds, would be in a position to end its second spell in administration.
However, the outcome of the creditors' meeting is by no means a foregone conclusion as the CVA could also be rejected.
Should that happen, it is feared the club would lose its place in the Football League.