Bill Miller has unveiled plans for an £11.2 million bid for Rangers which would create what he described as an "incubator" company while Duff and Phelps bid to take the club out of administration through a Creditors Voluntary Arrangement.
In a statement released on Friday, US-based Miller revealed he would suspend his offer until Monday to allow other bidders to "put up or shut up".
After deciding a straight CVA would be too risky and prolonged, Miller claims he has found a new solution.
The American businessman said: "In order to preserve the club's history, records, championships and assets, I will put the heart of the club into an 'incubator' company while Duff and Phelps works to make the sick patient healthy through a CVA process that effectively works to radiate the toxicity of past administrations' sins out of the patient while the healthy heart is preserved and moves forward.''
However, Miller's bid includes the condition that the Scottish Premier League do not impose sanctions on the club next season. The SPL meet on April 30 to discuss new financial fair play proposals relating to clubs in administration or going into liquidation.
Administrators Duff and Phelps stressed to bidders on Thursday night that they needed "definitive, unconditional bids" in order to announce a preferred bidder.
Miller, who confirmed Ally McCoist would remain as manager in his plan, said: "I have held a series of talks over the past week with officials from the SPL and SFA in an effort to ensure Rangers play in the 2012/13 season without further points deductions, fines or other punitive sanctions, relating to either the terms of my purchase or the actions of the prior administrations, beyond those levied during the 2011/12 season.
"My offer is contingent upon the regulatory bodies agreeing that the club will begin play in the 2012/13 season in the SPL and that they will do so without any loss of points and with all historic titles intact. I will not acquire the club unless I receive written assurances from both regulatory bodies to this effect.
"It is my strong view that Rangers and their fans should not continue to be punished in the future for the past failures of others. Rangers need a fresh start and I will always stand up for the club.
"Although it was my intention to wire the required deposit tomorrow to secure preferred bidder status, I have notified Duff & Phelps that my offer is to be suspended until Monday to give anyone else interested in acquiring Rangers time to complete their bid and put down the £500,000 deposit,'' he said.
"I would not want anyone to have the impression that my offer is not the best one for the club. So I now put it to the other suitors who claim to want what is best for Rangers. If you sincerely want to save Rangers, the time has come for you to put up or shut up.
"I will agree to stand down until Monday to allow any and all 'saviours' to step up and claim the club by paying the required deposit and entering into an agreement to purchase. The time for talk is over. The club is in serious jeopardy of dying. 'Real' liquidation is looming.
"If no-one else steps up by Monday, then I will assume everyone is done talking and I am the only one serious about saving Rangers."
In the meantime, Miller will continue talks with the football authorities and encouraged Rangers fans, players and McCoist to give their opinions on his plans.
He finished his statement by saying: "Time is running out to save Rangers."