Rangers pair Steven Whittaker and Steven Naismith have become the first players at the club to accept a wage cut.
The duo, amongst the club's highest earners, have taken a 75% salary decrease, and are reported to have reached an agreement in order to spare other staff from being made redundant.
Joint administrator Paul Clark told BBC Scotland that he is confident a deal will be reached.
He said: "We're in the final stages of that process and it's going to deliver very substantial cuts.
"We're looking to deliver cost-cutting of around £1m per month and that's something I think we will have achieved by this weekend."
Rangers players are due at the Murray Park training ground on Friday as administrators strive to agree a deal on more job cuts.
Scotland internationals Whittaker and Naismith were locked in negotiations on Tuesday night, as was captain Steven Davis. So far eight players have not agreed to salary slumps.
Gregg Wylde and Mervan Celik became the first players to be made redundant by Duff and Phelps earlier this week, as monthly savings of £1m are targeted.
Yesterday the Scottish Football Association's two-week inquiry concluded that Rangers owner Craig Whyte was not "fit and proper" to hold a role at a football club.
He owes the club £9m he contractually promised when he took over in May 2011, and lawyers acting for the administrators have gained a court order to seize a preliminary £3.6m from Whyte's solicitors Collyer Bristow.
The Scottish champions look unlikely to meet the March 31 deadline to secure a license to take part in European competition next season.