The English Football League have agreed to meet Bury with a view to reinstating the club in the Football League.
The Shakers were expelled from League One on August 27 after a late takeover bid from C&N Sporting Risk failed.
Greater Manchester Police (GMP) announced they are investigating fraud involving the football club on Tuesday.
And despite becoming the first club to slip out of the league since Maidstone in 1992, Bury have been handed faint hope of reinstatement to League Two from next season by the EFL.
A statement read: "In the current circumstances, the process by which a former EFL Club would obtain re-entry to the league system in England is via an application to the Football Association.
"On consideration of that application, the FA would determine the appropriate League for entry, subject to them meeting the relevant entry requirements of that League.
"Notwithstanding the above, and in acknowledgement of the extreme nature of the problems at Bury FC, the EFL Board had agreed it is appropriate to discuss the matter with member Clubs.
"This is a complex situation that raises questions of due process, precedent and fairness as well as financial implications. The EFL will consult with its Clubs over the coming weeks.
"Prior to formal consideration by any league competition of an eventual application from Bury FC to return to league football, clear evidence would be required of the Club’s financial viability and its ability to fulfil its ongoing commitments."
