The Joint Administrators for Bolton Wanderers have set a deadline of 4pm on Wednesday 12 June for best and final offers for the club.
Six potential bidders for the club met last week's deadline for offers for the club. However, after almost 72 hours of investigation, one of those bidders has been eliminated from the process.
The remaining five candidates have now been asked to supply their final offers which will also include both proof and source of funding.
Paul Appleton of David Rubin & Partners said: "We have made it clear from the outset of this process that speed is of the essence. A new owner has to be identified and in place to allow the club to rebuild ahead of the new season.
"We will notify the successful bidder as soon after Wednesday's deadline as possible and will be looking for a Heads of Terms agreement to be signed by Friday.
"Bidders have to be aware of the time constraints. Urgent decisions as to the sale will need to be made in the best interest of the club and creditors as we work to finalise a deal over the coming weeks."