Four Rangers players have agreed to a 75 per cent pay cut.
Steven Naismith, Steven Whittaker, goalkeeper Allan McGregor and captain Steven Davies have all agreed to give up three quarters of their earnings. It is being suggested that they made the decision to help avoid major redundancies at the Scottish champions.
The joint administrator David Whitehouse said yesterday that if the pay cuts couldn't be agreed on then there would be other "significant cuts" within the club.
"We have done all we can to find a solution, there are a lot of Rangers fans in the squad and we just want to get this fixed so hopefully a deal will get done and the players will do it", Naismith told Sky Sports News.
"Everyone is trying to reach a good conclusion and get the best for the club, there are a lot of innocent people here who just want to get on with their lives and get a job at the end of the day", he said.