In a statement yesterday administrator PricewaterhouseCoopers said the alternative plan would seek a speedier return of Lehman assets currently under its control.
It said an appeal to a decision to block a previous plan it had put forward would take place on October 26.
However in the meantime it plans to develop alternative proposals that would assist with the return of client assets whether or not the appeal is ultimately successful.
The alternative solution does not require court sanction but needs 90 per cent of creditors to sign up to it.
PwC will liaise with the Managed Funds Association and Alternative Investment Management Association in New York and London to promote the solution this week.