There is "significant interest" from potential investors, according to the administrators, who say they are are "reasonably optimistic" about a sale.
The title is understood to have had approaches from at least three separate potential investors so far.
The April issue of Reader's Digest is going to print and its sales team is marketing advertising space to media agencies for a May issue, despite the company entering administration last week.
The title, which traditionally targets customers with direct-mail marketing, offering large cash prizes, is currently reviewing its marketing strategy.
However, administrator Philip Sykes of Moore Stephens has confirmed that prize draws will continue.
Earlier this week, the company’s US owner, the Reader's Digest Association (RDA), emerged from bankruptcy protection in the US, after completing its financial restructuring with 75% less debt.
But the move will have no effect on the future of its UK arm, which is struggling with a final salary pension scheme deficit of £125m.
The UK arm, which has 117 staff, went into administration on Wednesday last week, with its US parent blaming the move on the UK pensions regulator turning down a rescue plan to resolve its pension liability.
Former Radio Times editor Gill Hudson is editor-in-chief at the UK edition of the publication, after taking up the role in June last year.
Reader's Digest sold 465,028 copies on average between July and December last year, down 14.1% on the period and a year-on-year drop of 22.8%, according to the latest set of ABC figures.
It has a cover price of £3.49, but the majority of its copies are sold on subscription deals.
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