Dunfermline said they had until 5pm on Monday to settle a £134,000 tax bill after being hit with a winding-up order from Her Majesty's Revenue and Customs.
But Masterton is continuing to look for a solution amid major cash flow problems.
Director of football Jim Leishman told STV: "Gavin Masterton had a meeting with staff this morning (Monday) and told them he would make an announcement tomorrow.
"Nothing has changed from last week. The options include administration or liquidation.
"I'm just an employee of the football club - Gavin Masterton is in charge of the club's future."
Masterton reassumed control of the situation after a steering group set up to guide the club through the crisis ran out of options following failure to negotiate a viable long-term solution with supporters.
Dunfermline lost 4-3 to Dumbarton in front of 3,409 fans at East End Park on Saturday and are due to host Falkirk on Wednesday, but there is no guarantee the Irn-Bru First Division game will go ahead.
- Sports & Recreation
- Politics & Government
- Jim Leishman