Manor has received an offer from a potential buyer but the latter needs an answer before Friday 20 January to take part in the 2017 Formula 1 championship, according to Autosport.
Just Racing Services Ltd, the company that operates the Manor F1 team, fell into administration on January 6 after hopes of a buyout faded.
However, the other two Manor companies - Just Racing Ltd and Manor Grand Prix Racing Ltd, which holds the F1 and FOM licence, are not in administration. Autosport reports that the bid is for the three entities.
While the new Manor F1 car is ready to go into production in Banbury, the administrators FRP Advisory LLP have blocked any extra spending required to produce new parts for 2017 until a suitable buyer for the business can be found.
Current owner Stephen Fitzpatrick, who took over the team in early 2015, was reportedly in talks with several parties at the end of last year, including American entrepreneur Tavo Hellmund and an Asian consortium led by former sporting director Graeme Lowdon and Indonesian businessman Ricardo Gelael.
Manor's financial plight was compounded when the team narrowly lost out to Sauber in the crucial fight for 10th place in the 2016 Constructors' standings.