The Coventry-based club took the course of action to “protect the club’s interests” amid the threat of impending action from HMRC.
Wasps Holdings Ltd has been trying to secure funds to repay £35million in bonds, a deadline for which passed in May. They also have an unpaid tax bill.
In a statement, Wasps said the club had “taken the difficult decision to file a notice of intention to appoint administrators in order to protect its interests”.
It added: “This does not mean the business is in administration but provides a crucial period of grace to continue negotiations to secure the long-term future of the group. These negotiations have been going on for some time, are in advanced stages and we are hopeful of securing a deal.”
Should Wasps go into administration, the club will face automatic relegation.
It comes as Worcester were warned they have until Monday to show evidence of a credible plan or else face suspension from all competitions.