The Sky Blues, who remain in administration, have agreed a groundshare with League Two's Northampton after becoming embroiled in a bitter rent row with the stadium owners Arena Coventry Limited (ACL).
But at Tuesday's creditors' meeting, ACL surprisingly offered the League One club a 10-year deal to play at the 30,000-seater stadium at a greatly reduced rent of £150,000 per year, rising to £400,000 if they go up to the Championship as a condition of signing a Company Voluntary Arrangement (CVA) to bring the club out of administration.
The club, who intend to build a new stadium back in the city within four years, have yet to respond to the offer, though could come under considerable pressure from fans to accept.
The Sky Blues faithful have voted with their feet in response to having to travel 34 miles to the Sixfields Stadium to watch their home games, with just over 200 buying season tickets.
The meeting was adjourned until next week at the request of ACL.