Shakers owner Steve Dale told BBC Radio Manchester he’d accepted a bid from C&N Sporting Risk.
Bury had been given until 11.59pm last night to prove they were financially stable to compete for the remainder of this season.
Now the Football League are weighing up whether to grant the Gigg Lane outfit an extension.
An EFL spokesperson said: ‘We are currently in discussions with the potential purchaser and await information to allow the board to consider a request for an extension to Friday's deadline.’
If Bury are saved, it’ll mean Pompey’s League One trip to Gigg Lane on September 14 will go head.
The Shakers have postponed their first five matches this campaign and started with a 12-point deduction for entering administration.
Bury visit Fratton Park on April 25, 2020.
In a statement to PA Media, Henry Newman and Rory Campbell – who lead the C&N Sporting Risk consortium - said: ‘We can confirm that over the past 10 weeks we have been in discussions with Bury FC, the EFL and others with a view to putting forward a proposal to buy the club.
‘It is a very complicated scenario and there remain a number of outstanding legal and other issues that have to be addressed.
"Our background is in football and data analytics and it should therefore not be surprising that we are taking a very detailed forensic look at the realities of Bury FC's finances.
‘A club like Bury ought to have a viable long-term future even if the short-term future is clearly very challenging. To that end we have been in discussions with the EFL about an extension so that we can continue to explore the prospects for a purchase.’