Rangers have confirmed that South Africa-based businessman Dave King has had a meeting with the Scottish champions' administrators.
Team manager Ally McCoist also held talks with Duff and Phelps.
But Rangers stress that King's meeting was in connection with his duties as a director of the Glasgow club.
King has previously been involved in takeover talks with the club, who were forced into administration following action from HMRC over a £9m tax bill.
He and fellow director Paul Murray had last year made a late bid for the club to prevent the eventual successful takeover by Craig Whyte.
And, after the club's move into administration last Tuesday, Murray raised the possibility of becoming involved "as one of many stakeholders putting together capital" to take control at Ibrox.
Brian Kennedy, owner of rugby club Sale Sharks, is among those who have expressed "tentative interest" to Rangers' administrators.
The news of King's talks with the administrator emerged after he and McCoist were filmed leaving Ibrox in the same car.
King, who invested £20m in the club in 2000 and is the second-largest shareholder at the club, said he was put off by the demands of Lloyds Banking Group when considering his own takeover before Sir David Murray sold his shares to Whyte for £1.
The Glasgow-born businessman was also linked with the new potential bid from Paul Murray.
King, who himself has been hit with a £250m bill after he lost a 10-year battle with the taxman in South Africa, was reported to be on the verge of being removed from his position by Whyte just before the club appointed the administrators.
However, he remains on the board as a non-executive director.
McCoist said at the weekend that he expected to hold talks with the administrators once they had assessed the financial situation at the club.
He insisted that staff cuts were not inevitable and no job losses have yet been announced.
However, one player is on his way out of Ibrox after the club accepted an offer from South Korean club Busan I'Park for Australian midfielder Matt McKay, with negotiations ongoing.