Division Two Wakefield are the reported target of a takeover bid by proposed southern-hemisphere team London Tribe.
An application will be sent to the Rugby Football Union within two weeks, a spokesman told the Sunday Telegraph.
A multi-national consortium of businessmen looks to have selected financially troubled Wakefield, who have been relegated from Division One.
Wakefield director Peter Bulless said: "Enough is enough. I can't see how we can make a go of professional rugby."
Putative London Tribe captain, and former Springbok skipper, Bobby Skinstad said: "We are gathering information which will allow us to make a formal application to the RFU."
The report claims that the consortium will move the organisation to Queen's Park Rangers' Loftus Road ground in west London, with the Wakefield club continuing as an amateur outfit.
The ultimate aim is to win promotion to the Premiership and tap into the commercial opportunities of the domestic game.
Reportedly, unsuccessful informal approaches have already been made towards Saracens, Harlequins, London Irish and Wasps, with Rotherham and Orrell also linked to takeover bids.
Meanwhile, leading Cape Town-based players' agent Jason Smith told The Independent on Sunday of plans for another proposed South African franchise.
"London South Africa RFC will offer 500,000 expats the opportunity to bond away from home," said Smith.
"We would like to have things in place by June next year, but if we have to wait until 2006 or 2007 then we will."