Only three players and the manager Gary Mackay were retained.
He and ex-director Douglas Watson have already had talks with the provisional liquidator and, if this new rescue plan is accepted, Lanarkshire neighbours Albion Rovers would ground-share at the Shyberry Excelsior stadium, with Rovers' Cliftonhill ground being sold.
Full details will be given to Airdrie shareholders at a meeting on Thursday night.
The First Division outfit is on the brink of going out of business with debts of nearly £3m and only three players on the books.
Player appeal
The long-running takeover attempts of former Scotland striker Steve Archibald could be doomed to failure if this latest bid proves favourable.
Last week, the 27 players released by the club on the orders of provisional liquidator, KPMG, said they were considering an appeal against the decision to have their contracts terminated.
Only three players and the manager Gary Mackay were retained.
Former Tottenham and Scotland striker Steve Archibald outlined last week his commitment to bringing Airdrie back from the brink of closure.
But KPMG's Blair Nimmo has consistently denied that Archibald's statements bear any resemblance to what he has to offer, a view Archibald entirely refutes.
However, it appears there are still several obstacles in Archibald's way and the bid by Craig and Watson may ultimately prove to be more acceptable to KPMG.