Laurence Bassini has committed to provide the English Football League with proof he has the funds to take over Bolton Wanderers within 48 hours.
Bassini met EFL chief executive Shaun Harvey on Tuesday to discuss his bid.
A club statement had said "negotiations will cease" if the EFL was "not satisfied with the proposed funding structure presented by Bassini".
Bassini told BBC Radio Manchester he remains "hopeful" the deal will happen and his "priority is to save the club".
An EFL statement said it had "not received all the information it requires", so granted Bassini an extension.
Meanwhile, the EFL has confirmed Bolton's game with Brentford will not go ahead this week.
That fixture was postponed on Saturday after Bolton's players went on strike over unpaid wages for March and April.
Former Watford owner Bassini's intended purchase of the Championship club was originally announced on 17 April, but Bolton owner Ken Anderson released a statement on Saturday saying if Bassini did not provide proof of funds by Monday, he would explore other options.
However, that deadline was extended to allow for Bassini's meeting with Harvey.
Tuesday's club statement added: "All parties are working for the best outcome for the football club and its supporters and everyone's efforts are focused on a successful conclusion."
Bolton-Brentford will not be played this week - EFL
A new date has yet to be set for Bolton's postponed fixture against Brentford.
The regular Championship season is scheduled to conclude on Sunday, when Bolton are set to visit Nottingham Forest.
EFL regulations do allow for regular-season matches to be played up to four days after that date.
BBC Sport understands Bassini is confident he can complete the deal and is determined the Brentford fixture will be fulfilled, even if they have to field a team made up of the club's younger players.
An EFL statement said: "The EFL board will now determine on Thursday, 2 May as to what arrangements are to be put in place in regards to the fixture and Bolton Wanderers will be instructed accordingly.
"The EFL reserves its position in relation to the club not making the arrangements to play the game at the earliest opportunity and this matter will be brought to the attention of the Independent Disciplinary Commission the club has been referred to at the appropriate time."
In addition to outstanding wage payments to players and coaching staff, BBC Radio Manchester has also learned matchday and club staff have yet to be paid their April wages, which were due on Tuesday.
The club's most senior executive, consultant Paul Aldridge, has cleared his personal belongings out of the offices he has been using, although he is still employed by them.
Bolton are due in the High Court on 8 May to answer a £1.2m winding-up petition against them by HM Revenue and Customs. The case has been adjourned twice.