Former Portsmouth owner Balram Chainrai, through his company Portpin, has re-entered as a bidder for the League One club.
Just eight days ago Portpin announced its interest in buying Portsmouth, who remain in administration, was at an end.
A statement from Portpin, on skysports.com, said: "After many discussions with the related parties, including amongst others, the administrator, the Football League, the PFA, and officials from Portsmouth City Council, Portpin Ltd announces that it has decided to take action in order to avoid the imminent liquidation of Portsmouth FC.
"Portpin's offer will be in much the same form as previously with the club's current CVA being honoured and football creditors being settled in accordance with current agreements. Under Football League rules, the satisfactory treatment of football creditor obligations is critical to the financial eco-system of all members of the Football League.
"Although Portpin positively viewed takeover interest by the Portsmouth Supporters Trust, we understood from the administrator that the terms offered by PST were problematic in two areas - the further reduction in football creditor debt to £2million and the uncertainty of the committed capital raised and held in escrow to both fund the takeover of the business and to provide guarantees for the next three years' cash flow.
"We hope to finalise this transaction in the next two weeks."