Owner Steve Dale has told BBC Radio Manchester he has agreed a deal to sell Bury as a deadline for their possible expulsion from the EFL approaches.
The club, which has had its first six games of the season suspended, has been given until 23:59 BST to prove it can pay off creditors and has funding in place to complete the season.
An update issued at 17:00 BST by the English Football League said “limited progress” had been made in either providing the evidence or finding a buyer for the League One club.
The identity of the buyer has not yet been confirmed.
Dale told the BBC earlier on Friday that he had found a “prospective buyer” who was “waiting for the EFL to come back to him on a few points”.
Dale, who carried out numerous media interviews throughout the day, had earlier asked members of the public to pledge money to help “save a football club”.
Meanwhile, Bury North MP James Frith claimed a bidder he had been liaising with was going to submit the relevant documentation to the EFL before Friday’s deadline.
EFL chief executive Debbie Jevans said earlier this week that a short extension to the deadline may be granted if a buyer could be found.
On 9 August, Bury were given 14 days to provide evidence of financial viability to the EFL or risk expulsion from the league.
No club has been removed from the EFL since Maidstone were liquidated in 1992.
More to follow.