The administrators in charge of Rangers have said Brian Kennedy's renewed bid to buy the football club "would not be capable of acceptance".
Kennedy, the owner of Sale Sharks rugby union club, had his initial bid for Rangers rejected - but said on Wednesday that he made an "improved offer" after holding informal talks with the administrators.
However, a spokesman for Duff and Phelps said: "We have not received a written revised offer and have informed Mr Kennedy."
They went on to say that Mr Kennedy's revised verbal offer "would not be capable of acceptance".
Kennedy had indicated that he would not return to the bidding process whilst the group known as the Blue Knights remained involved.
But the Blue Knights, a consortium led by former Rangers director Paul Murray, have since withdrawn their interest.
Officially, Kennedy remains a prospective buyer, along with two others - the American businessman Bill Miller and a group from Singapore led by Bill Ng.
It is thought that Ng wishes to try and bring the club out of administration by way of a company voluntary arrangement, while it is understood that Miller would prefer Rangers to emerge as a new company through liquidation.