Portsmouth have asked the Premier League for permission to sell players despite the transfer window shutting on February 1 in the hope of easing their financial irregularities.
If the move was rubber-stamped, it would be a Premier League first but any agreement would have to be vetoed by the world governing body FIFA prior to commencement.
Pompey's continuing problems have caused great concern in recent times and they owe £11.5million in unpaid taxes to HMRC.
Former owner Sacha Gaydamak is believed to be owed more than £30million and Sol Campbell, their one-time defender, is suing the club for £1.7million.
After their date at the High Court on Wednesday, they have been given a further reprieve until March 1 to learn their fate. At the original hearing, HMRC officials informed the courtroom that Pompey were insolvent, a suggestion club officials strongly refuted.
However, with no further progress from the south coast club, they have contacted the Premier League, asking for special permission to sell their prized assets to ward off their winding-up threat.
Rivals may be tempted to raid the beleaguered club for the likes of Nadir Belhadj, Kevin-Prince Boateng and John Utaka.