Dai Young's Wasps side need a win against Newcastle to secure their Aviva Premiership status © Getty Images

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London Wasps are reportedly set to be saved from administration by a consortium led by former player Ken Moss - as long as they avoid relegation from the Aviva Premiership.

Wasps tackle relegation rivals Newcastle at Adams Park on Saturday with the Falcons needing to win the match by 24 points and deny the hosts a bonus point to avoid the drop. Should they fail to conjure a dramatic escape, a deal to save cash-strapped Wasps is expected to be finalised next week.

The Daily Telegraph reports that Moss, who played for the club between 1985-90, is set to offer the £2m required to keep the club afloat for another season with further talks in progress to secure longer term investment.

Wasps are understood to have funding to cover the remainder of this season but beyond that the prospect of administration looms large. Rugby Football Union regulations state that any club who remain in administration beyond six weeks will be docked 22 points, which would see Wasps relegated to the Championship.

Current owner Steve Hayes, whom it recently emerged had been arrested and bailed as part of a Scotland Yard investigation into computer hacking, originally put the club up for sale at the beginning of the season after he failed to secure backing from Wycombe District Council for a new purpose-built stadium.

The club has already invested heavily in next season with the recruitment of the likes of England internationals James Haskell and Tom Palmer and Wales fly-half Stephen Jones and recently saw another rescue package - understood to have been led by Barnet FC chairman Tony Kleanthous fall through.

"My understanding is that things are very close, things are very positive,' director of rugby Dai Young said last week. "Everything is moving in the right direction. That's as much as I know. Until it's signed, sealed and delivered and somebody comes in and I'm shaking his hand as the new owner, I don't really want to know much more. My focus is just on Newcastle."