Carlos Bocanegra says he does not regret joining Rangers but the defender will not accept more pay cuts.
The American signed a three-year deal when arriving from St Etienne last summer but the club went into administration in February.
Like all of his team-mates, Bocanegra agreed to a significant three-month wage cut to help the club continue without widespread redundancies.
But the deals run out at the end of this month with players expecting their original wages in June.
The USA captain, speaking from his team's Florida training camp ahead of the weekend friendly against Scotland, told newspapers: "I won't take another pay cut. Hopefully it will all be sorted out.
"That was a big decision for all the players to take - it wasn't just me. Everybody made a sacrifice and losing 10 points for going into administration knocked the wind out of us.
"Obviously you join a club expecting a guaranteed contract. Then you have to change it and that's an unfortunate circumstance.
"That part is frustrating but you have got to get on with it and luckily it was a short time, three months.
"So hopefully it is all sorted by mid-June and we can move forward and put that behind us.
"Apparently a consortium is buying the club so as long as they are not asking us again to take pay cuts I have no reason to want to leave.
"I don't regret coming because I am really enjoying the club."
Administrators had planned to put a Company Voluntary Arrangement proposal to creditors on Monday but revised the target to the end of this week, with confirmation still not forthcoming.
Creditors will have two weeks to vote from receiving the CVA proposal and there is another 28-day cooling-off period before the club could come out of administration.
If the deal is rejected, a consortium led by Charles Green plans to form a new company and buy the club's assets before applying to the Scottish Premier League to take Rangers' place.The club's argument centres on the fact that the punishment, specifically a ban on registering players aged over 17, is not explicitly laid out in the SFA rules and so they claim it was not available to the panel.
However, the SFA articles of association include a clause that a judicial panel can implement any sanctions they deem appropriate.
Rangers last week lost an SFA appeal against the punishment, which was handed down over their failure to pay £13million in tax last season.
The disrepute charge was one of five offences Rangers were found guilty of in relation to their financial affairs and the appointment as chairman of Craig Whyte, who was deemed unfit for a role in football by an SFA-commissioned independent inquiry over his previous disqualification as a director.
The initial three-man judicial panel, which also fined Rangers a total of £160,000, was chaired by a QC and the appeal panel chairman was serving judge Lord Carloway.
The appeal verdict stated: "Although the appellate tribunal has listened carefully to the representations from Rangers FC about the practical effects of the additional sanction, it has concluded that this sanction was proportionate to the breach, dissuasive to others and effective in the context of serious misconduct, bringing the game into disrepute."
Charles Green, the former Sheffield United chief executive at the head of the consortium that has agreed to purchase the club, previously backed the administrators in their attempts to challenge the ban.
The club's challenge, led by Richard Keen QC, is being paid for by the Rangers Fans Fighting Fund, which was formed to enable supporters to help the club through administration.
Rangers fear the embargo will leave them without an experienced team next season as several of their leading players negotiated exit clauses when they agreed to temporary wage cuts.
This means they are free to leave for a specific cut-price fee from June 1, when their wages are due to revert to normal.
Green signed a contract putting his group in an exclusive position to buy the club almost two weeks ago but plans to send a Company Voluntary Arrangement proposal to creditors on Monday did not materialise and administrators revised their target to some time this week.
Creditors would have two weeks before voting on any offer and, if a CVA is approved, there is a 28-day cooling-off period before the club would be able to come out of administration.
(reopens) The SFA issued a brief statement regarding today's court hearing.
"We note Rangers FC's initiation of proceedings at the Court of Session in relation to the sanctions imposed by an independent judicial panel, which were subsequently upheld by an appellate tribunal chaired by Lord Carloway.
"With the hearing continued until Tuesday, it would be inappropriate to comment further at this stage."