Parma have been granted permission to negotiate a private sale with interested parties after their asking price failed to be met at auction.
Parma have avoided a winding up order and been given permission to negotiate a private sale with potential investors by a bankruptcy judge.
The club – who were relegated from Serie A this season – were put up for sale in April with a value of €20million, but no valid bids were received.
After Tuesday's final auction the club faced the possibility of being shut down, but the presence of interested buyers has given them the chance of salvation.
A statement on the club's official webstie read: "Today the Judge Dr. Pietro Rogato, with the approval of the creditors' committee, authorised the receivers Angelo Anedda and Alberto Guion to undertake negotiations with the company interested in buying Parma."
Any bidders looking to agree a deal for Parma must pay €900,000 by Friday as a deposit in order to enter into negotiations, a sum that will be returned if a deal cannot be completed.