A creditors meeting has been called for 2pm to vote on whether to back a rescue deal to save the Rebels or allow the club to enter liquidation, meaning this season would be the last.
In his report last week, PwC voluntary administrator Stephen Longley recommended that creditors, including the Australian Tax Office, who are owed a total of $23.1 million, accept a proposal by a private investor group that includes current directors.
Rebels directors have proposed a Deed Of Company Arrangement (DOCA), which would guarantee employees 100 per cent of their entitlements, but leave unsecured creditors with as little as 15 cents to the dollar.
The DOCA is also dependent upon Rugby Australia handing the Super Rugby participation licence to the new consortium, who are planning to invest more than $25 million into the club over the next five years.
RA, who have propped up the club this season, taking over the wages bill for players and staff, have given no indication of their plans for the club, who joined the competition in 2011.
It's understood that the Victorian government has advised RA that, in the absence professional rugby presence in the state, it could withdraw from bidding for future Wallabies Test matches and hosting the Rugby World Cup final.
Meanwhile the Rebels will host the Blues at AAMI Park in round 11 of the competition later on Friday.
Currently sitting fifth, Melbourne are on target to make the finals for the first time in their history but after a heavy loss last round are looking to make a statement against the second-placed Blues.
Coach Kevin Foote said he wasn't sure if the vote would be addressed within the playing ranks before the kick-off.
Rebels coach Kevin Foote has praised his players' efforts in a stressful season. (James Ross/AAP PHOTOS)
"It all depends, what happens if it's a really bad message," Foote told AAP.
"There's still so much uncertainty because even if it goes to DOCA and it's positive for the club, we don't know where Rugby Australia stands on this.
"It's the heaviness of the situation which is frustrating and that's for everyone.
"The guys are doing such an amazing job."