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Rangers administrators Duff and Phelps have instigated legal proceedings against owner Craig Whyte's former lawyers - a claim which Press Association Sport understands to be in the region of £25million.

The move came as the administrators remain hopeful of announcing a preferred bidder for the club this week after holding talks with the two remaining interested parties on Tuesday.

Administrators hope a deal for the Glasgow giants can be concluded "without any further delay", with manager Ally McCoist calling for a quick resolution to the bidding process.

Former Ibrox director Paul Murray's Blue Knights consortium have taken a step back from the race to buy the club, leaving Bill Ng's Singapore consortium and American tycoon Bill Miller still in the running.

Paul Clark, joint administrator, said: "We would like to inform all Rangers supporters that today discussions have been held between members of the administration team and the two remaining bidders in the sale process.

"A number of issues have been examined and we have made it clear to all those involved in the bidding that it is of paramount interest to the football club that a satisfactory deal be concluded without any further delay.

"It is our intention to announce a preferred bidder this week and we can assure all supporters of the club that we are doing everything in our power to make that happen.

"We can also confirm that we have instigated legal proceedings against Collyer Bristow, the former lawyers of the club, and The Rangers FC Group Limited in the High Court in London for substantial damages suffered by Rangers Football Club."

Last month, a High Court judge instructed that £3.6million once held in the account of Collyer Bristow be transferred into the safekeeping of the administrators' lawyers, Taylor Wessing, with several parties claiming the money is theirs.

Parties with claims against Collyer Bristow were informed they should bring their claims by April 16.

Clark said at the time that Duff and Phelps had "substantially larger claims against Collyer Bristow", which they wished to bring as soon as possible."I do not want to speculate on the reasons of Blue Knights' withdrawal but the apparent withdrawal from the bidding process by the Blue Knights means only that the chances of taking over increases for the two remaining bidders left in the process."

Sale Sharks owner Brian Kennedy has declared himself ready to re-enter the race should a deal that includes a CVA fall through.

Kennedy, who saw his indicative bid rejected last month, said today: "I do not want to distract the time-critical process of appointing preferred bidders.

"However, should this fall through with the effect of endangering the existence of RFC, I would reconsider my position."