According to a report in the Financial Times, the two have identified parts of the business they are interested in buying and have lodged what is known as a draft sale and purchase document with insolvency specialist firm Kroll.
The document in itself is not part of the administration process, but the paper says it could be used to persuade Cordiant's bankers is in the best interests of the company.
However, analysts believe it is unlikely that Cordiant will go into administration, despite revealing yesterday that it did not have "sufficient working capital for at least 12 months".
The move was put in motion before Cordiant released a statement at around 4pm yesterday in which it indicated that it was very close to finalising a deal as it announced that it hoped to conclude talks about the sale of the group "in the very near future".
The deal Cordiant was referring to is highly likely to have been with WPP Group, which is offering £100m, giving shareholders 3p a share.
The deal would mean that WPP would get Cordiant cheaply, although it is taking on some of the crises-ridden company's debt.
Richard Wheatly, the former Jazz FM and Leo Burnett chief who is being put forward by Active Value as a new chairman, said on Wednesday that his Active Value bid had more in it for everyone apart from WPP, which he said was trying to get Cordiant as a "cheap buy".
The deal that French group Publicis and Cerberus appear to be offering would give shareholders nothing while allowing the two to pick off the bits they are most interested in.
Publicis, like WPP, is thought to have interest in acquiring marketing services firm 141 Communications and health ad firm Healthworld.
Unlike WPP, which seems to be the bid supported by chief executive David Hearn and his management team, Publicis has ruled out a bid for the entire company.
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