The Rangers first-team squad have rejected a proposed 15 per cent pay cut.
The offer comes after the Ibrox side's chief executive Graham Wallace admitted at the club's AGM last month that the League One outfit's cost base was too high, "even for a top-flight club".
A Rangers spokesman said: "The manager and chief executive continue to examine ways as to how Rangers can live within their means."
Rangers announced a £14.4million loss in the 13-month period up to July.
Manager Ally McCoist has already volunteered to accept a 50 per cent pay cut to help steady the flow of cash running out of Ibrox, while finance director Brian Stockbridge handed back a £200,000 bonus awarded to him after the club lifted the Third Division title last year.
But even these concessions have done little to help improve the fallen Glasgow giants' balance sheet.
Wallace told a fiery shareholder meeting on December 19 that Rangers would require more investment if they were to compete with Celtic on their eventual return to the Scottish Premiership, although he insisted there was no immediate threat of the £22million share-issue pot, raised a year ago, running out.
It was reported on Tuesday that McCoist had been told to make cuts to his playing budget, which stands at £6million to £7million.
That news came on the same day that Guernsey-based hedge fund group Damille Investments Ltd confirmed it had purchased two million shares in the club from former investor Richard Hughes of Zeus Capital.