Peter Ridsdale has been given opportunity to become Plymouth's full-time chairman by the Irish consortium on the verge of buying the club.
Former Leeds and Cardiff supremo Ridsdale is currently acting chairman at Argyle, who were relegated from npower League One this season.
The consortium - who are set to reveal their identity on June 14 - will be responsible for developing the club's Home Park ground and the surrounding land while providing Ridsdale with funds to run the football operation
A statement on Plymouth's official website read: "Following the administrators' announcement with regard to a preferred bidder for the assets of Plymouth Argyle Football Club, it has become clear that the acquirers property expertise and focus could conflict with the demands of ensuring that the football club could complete all the work necessary to fulfil the requirements of the Football League.
"The preferred bidder has therefore asked Peter Ridsdale to consider buying the football club out from the property interests and thereby ensuring that with his football experience he will be able to bring about the return of the Football League shares at the earliest possible opportunity."
In the statement, Ridsdale said: "This is not a transaction that I sought or contemplated but, if it is the only route to guarantee a future for Plymouth Argyle Football Club, it is a route that I am prepared to take.
"In recognising the importance of this football club to its supporters and the community at large, I will take immediate steps to meet with all stakeholders to discuss the way forward."