A number of groups have already registered an interest in taking control of the League One club, who went into administration on March.
"A sale process has begun, I have spoken and met with a number of parties who have expressed an interest," said join-administrator Paul Appleton.
"To that end, I have set a deadline of May 31 for indicative offers from those interested parties."
Local media reports state that American multi-millionaire Preston Haskell IV has tabled a bid to buy Coventry as well as half the Ricoh Arena.
Appleton also moved to clarify the situation with regard to ownership rights of the Golden Share, which provides membership to the Football League and Football Association.
The Sky Blues current owners Sisu claimed that Coventry City Football Club (Holdings), who were not in administration, holds the shares, but the Football League ruled that they were held by Coventry City Football Club Ltd.
Appleton added: "Following information I have received from various stakeholders, I now believe the registration of the Golden Share lies with Limited.
"Holdings believe they have a beneficial ownership of the Share given the level of investment they have made and the fact the players contracts are in their name, together with many other important elements.
"This has seemingly been endorsed by the Football League, who have completed all current player registrations in the name of Holdings.
"In my opinion, the importance of the ownership of the Share has been exaggerated in the media and on social networks. Of course, it is a significant element but ownership does not necessarily mean control of the club.
"Just as important is the location of the players contracts, the right to use the name Coventry City and the right to sell season tickets - all of which Holdings assert is theirs.
"Should Holdings maintain their claim to a beneficial ownership of the Share, ultimately only the Court can overturn that."