Dundee have asked all players yet to agree wage cuts to do so by midnight.
The club says there’s “a significant risk” it cannot continue with current salaries “beyond Friday 10 July”.
In a letter to staff seen by BBC Scotland, the Dens Park outfit say they have been trying to “negotiate a variation” to pay in order to avoid having to suspend contracts “in full”.
They say they can do this under clause 12 of the SPFL contract of employment as the Championship is still suspended.
The second tier’s 2019-20 season was curtailed because of coronavirus and a reduced 2020-21 campaign of 27 rounds of fixtures is due to start in October.
In the letter, club secretary Eric Drysdale urges players to “take independent legal advice” on the matter, confirming that the “avenue” to discuss a salary reduction remains open until midnight tonight.