Potential operators now have until July 4 to provide the government with a business proposal, two weeks later than the original deadline.
The government rejected two bids earlier this year, saying neither met the criteria for a viable operation.
The Yarmouth-to-Maine link was discontinued in December 2009 after the provincial government cut its subsidies, saying the money-losing business wasn't viable.
The provincial government faced sharp criticism for killing the ferry and is now offering $21 million over seven years to restart the service.
It expects the service will resume in 2014.