Duff and Phelps say there are minor issues to be resolved but a deal is in place to keep the playing squad intact and prevent redundancies among the general workforce.
In a statement, joint administrator Paul Clark said: “We are pleased to announce today a package of cost-cutting measures has been agreed with the Rangers playing staff that enables the club to move forward.”
Players have agreed cuts ranging from 25-75 per cent, while coaching staff have also accepted reductions, while administrators confirmed midfielders Mervan Celik and Gregg Wylde had volunteered to leave the club.
The statement continued: “The agreement on very substantial wage reductions and voluntary departures from the club represents a major sacrifice by the Rangers players.
“The discussions have been lengthy and by no means easy for anyone involved but the most important objective in all of this process has been to achieve an outcome that will help save the club.
“There are a small number of matters still to be dealt with over the weekend but we do not believe these will be insurmountable in the completion of an agreement.
“The players deserve great credit and we are in no doubt that this agreement is the best way to achieve the necessary cost savings to ensure the continuing operations of the club while preserving the fabric of the playing squad.
“The agreement has also directly prevented substantial job losses among non-playing staff both at Ibrox and Murray Park.
“This has been a difficult week for everyone at the club and we are pleased that we can now move forward and focus on the next steps in the recovery process.”
Clark later revealed the hold-up to securing all the signatures was mainly down to the fact some players were not present. The likes of John Fleck and Kyle Hutton are out on loan.
Some cuts have been made, namely the closure of the London office, which was opened in January with the appointment of global partnerships director Misha Ser.
Clark expressed confidence that Rangers would fulfil their Clydesdale Bank Premier League fixtures.
He stressed they had needed to find balance between retaining value in the club and also cutting costs.
Interested party Paul Murray had urged the administrators not to cut players and make a new owner’s rebuilding job more expensive.
He said: “It would have been all to easy to simply cut players. That would have been the easy option.
“It may have destroyed value within the club and also the ability for the club to succeed on the field.”
Rangers will earn around £900,000 more if they finish second in the SPL rather than third. They are currently three points above Motherwell.
The statement added that the club remained in a “perilous” position but repeated the administrators’ belief that the future of Rangers could be secured.
Clark said: “The prospect of people buying Rangers Football Club remains our primary objective.
“That’s something we have continued talks about in the last few days and there are a number of further meetings taking place next week.
“We have set a date of next Friday that the buyers should prove their worth and place indicative bids so we can decide which of the parties are really serious about acquiring Rangers Football Club.”
Clark would not disclose how many players had forgone three-quarters of their wages, only saying it was a “large number”, and refused to divulge details on any interested parties.
Clark also revealed the deal had give them “breathing space” to continue talks with potential buyers.
“The plan from the outset is to avoid any talk of liquidation,” he added.
“We firmly believe Rangers Football Club will continue to operate and that’s why we are continuing to talk to parties.”
Clark hoped there would be more clarity on the club’s finances for potential buyers in the coming weeks.