Company lawyer Larry McMichael says both bidders are likely qualified to enter Thursday's auction. The minimum bid is $50 million cash.
Creditors had won an April auction for the company with a $139 million bid, but failed to close on the deal this month.
Perelman took part in the first auction as well. He and his son, Revlon Chairman Ronald Perelman, joined other local investors who pushed the bidding past $100 million.
A judge has scheduled a closed-door auction at U.S. Bankruptcy Court in Philadelphia.