Port Vale administrators Begbies Traynor have identified two preferred takeover bids, BBC Sport understands.
From seven interested parties, five written bids were submitted before Monday's deadline, but it is thought that just two are being considered.
A decision is expected on Wednesday, when the name of the winning bidder will be made public.
Candidate Mo Chaudry yesterday criticised the process, branding it "a cloak and dagger scenario".
Chaudry and local firm International Piping Products were the only two of the initial seven bidders to make themselves known publicly.