Hearts' creditors will be given the chance to accept an offer for the club worth £2.5m from the Foundation of Hearts on Friday 22 November.
Administrator BDO has sent out a proposal for a company voluntary arrangement to take the Scottish Premiership club out of administration.
The Foundation of Hearts fans group was named the preferred bidder in August.
But the process was delayed while a liquidator for Hearts' parent company, UBIG, was being chosen in Lithuania.
However, administrator Bryan Jackson said this month that the delays would not prevent him starting the process of taking the Scottish Premiership club out of administration.
Administrators of Ukio Bankas, which controls about 30% of the club's shares, gave their approval for the process to begin.
The CVA requires the approval of creditors representing 75% of the club's debt.
If the proposal is accepted, the Foundation of Hearts will acquire the combined shareholding Ukio Bankas and UBIG have in Hearts, which is approximately 80%, in exchange for a £1 payment.
The Foundation of Hearts would make a £2m payment on completion of a going concern sale of the business and assets of the club.
A further £500,000 would be paid by the Foundation of Hearts over a 10 month period from the date of the going concern sale.
The Foundation of Hearts would also assume responsibility for £535,000 of outstanding football debts Heart of Midlothian PLC has.