An international consortium has £7m in the bank and is ready to complete a takeover of Bury, if the EFL agrees to reinstate the club, Sky Sports News understands.
Gustavo Ferreira, a partner in a gold mining company, is the man behind the proposed takeover and is trying to get the EFL to rescind its decision to expel the club from the English Football League.
It is understood the EFL would be unlikely to change its decision at this point, however it is possible that an injunction may be served on the football league if Ferreira's request for it to explore the possibility of overturning the decision goes unanswered.
The consortium says it has shown the EFL proof of funds and was in negotiations to buy the club on Tuesday night, before Bury were removed from the Football League.
The EFL made the decision to expel Bury after a proposed takeover by C&N Sporting Risk fell through on Tuesday afternoon, just hours before the 5pm deadline.
Bury were unable to fulfil any of their fixtures at the start of this season after owner Steve Dale failed to prove he could pay off creditors and show adequate operational funding.
However, Dale told Sky Sports News on Wednesday he has two buyers who still want to purchase the club, and has called on the EFL to reverse its decision to remove the club.
Dale added that, if his requests are ignored, he will demand an independent adjudicator is appointed to review the decision, and will ask EFL clubs for support.
Following Bury's expulsion, League One will consist of 23 clubs and three teams will be relegated at the end of the season, rather than the usual four.
EFL: We did everything that we could
Debbie Jevans, CEO of the EFL, said taking the decision to expel Bury from the Football League left her "absolutely devastated" but insisted "we did everything that we could".
"I'm absolutely devastated," Jevans told Sky Sports News. "Nobody - least of all myself or the board - wanted Bury to get into this situation.
"I saw you on television last night, I watched the scenes from the ground and one could sit there and burst into tears because it is raw emotion - it really is, and nobody wants to see that.
"We just had to look at ourselves and know we did everything that we could. People will always say you can do more. But if I look in the mirror, I know we did everything that we could."
Phil Neville has been left devastated by Bury's expulsion from the EFL and has explained the emotional toll it has taken on his family.
"I'm devastated - my mum worked there for 31 years and my dad worked there for 27 years," Neville told Sky Sports. "He's got a stand named after him. My grandma, my grandad, my aunt, my uncle all worked at that football club.
"The town has had its heart ripped out, without a shadow of a doubt. You just feel sadness. Sadness for those supporters - 2,500 to 3,000 people - who bought season tickets.
"They stuck with that football club for 125 years. Passed down from family to family, and now the town doesn't have a football club. I find it unbelievable that it's happened.
"I feel sad for my mum because she has had her heart ripped out too. She gave her heart and soul to that football club. It's one of those things I find hard to comprehend. Over the last six months, I've known the severity of it.
"My mum resigned 10 days ago but she has been working every day since trying to save Bury. She went in at 6.30am this morning thinking of all the supporters who were there cleaning the seats."