The Sky Blues are currently negotiating a takeover which they anticipate will be completed shortly, but they revealed in a statement on Monday afternoon that they had "filed in court notices of intent to go into administration".
The statement continued: "This is merely a legal process protecting the Bank and its creditors and should speed up the potential takeover of the Club and therefore take Coventry City into a solvent financial situation."
The Sky Blues are 14th in the table but are in a perilous financial state with estimated debts of £38million.
"This legal notice gives Coventry City a 10-day window to complete the takeover talks with Ray Ranson and Sisu Capital, along with all other parties,'' the statement added.
"Following recent speculation, the club can confirm can that staff and player wages have now been paid and we look forward to a successful conclusion of the takeover in the near future.
"Coventry City will not be making any further comment at this time.''