Administrator Trevor Birch on Friday sent proposals for a Company Voluntary Agreement which will see the club's creditors initially offered approximately 2p in the pound.
Chainrai's previous spell in charge of Pompey ended when he sold the club to Convers Sports Initiatives at the end of the 2010/11 season.
CSI went into administration that November and Pompey followed suit in February, costing them a 10-point penalty which saw them relegated to League One.
Chainrai recently told administrators he would only step in as a last resort to prevent the club from going bust, but with no other acceptable offers forthcoming Birch has turned to the Hong Kong-based businessman's company Portpin.
Birch said: "We have written to all of the club's creditors to inform them of the CVA proposals, which are based on an offer made by Balram Chainrai's Portpin.
"We believe that these proposals are likely to give the best possible deal for creditors and provide the most realistic opportunity for protecting the club's financial position going forward and avoid liquidation.
"There has been a considerable amount of interest in the club over the past few months but nobody has been able to prove their ability and willingness to complete on a purchase other than Portpin."
The club's creditors have been invited to vote on the proposals on June 25 and if the CVA is accepted, Chainrai could be back in charge before the start of next season.
Chainrai said: "I would urge all creditors entitled to vote on the CVA to follow the recommendation of the club's administrators and vote in favour of the CVA, so as to help save the club and get it back to the position that it should be in."