Saracens interim chief executive Edward Griffiths has said that no decision has been made on the club's future amid reports that the club are on the verge of automatic relegation from the English Premiership at the end of the season.
Last November, the English and European champions were docked 35 points and fined £5.36 million for failing to disclose payments in each of the past three seasons.
Sky Sports reported the other Premiership clubs have now demanded that Saracens must prove the current squad is within the required £7m salary cap or face relegation from the league.
The salary cap was introduced in 1999 to ensure the financial viability of clubs in the league and also provide a level playing field.
Saracens confirmed they are still in discussions with league officials and are still trying to work through a solution.
"Discussions are continuing, and nothing has been finalised but our position remains the same," Griffiths told the BBC on Friday.
"It is clearly in the interests of the league and English rugby that this matter is dealt with as soon as possible, and we are prepared to do whatever is reasonably required to draw that line."
The docking of 35 points means Saracens sit at the bottom of the Premiership standings with -7 points after eight matches, 18 points from the safety zone.