The Frasers Group is said to be close to buying the historic Gieves & Hawkes tailors.
Sky News reported that Frasers Group is in advanced talks to purchase the firm.
In September, the retail giant emerged as a possible buyer of Gieves and Hawkes.
The Frasers Group wouldn't say anything about the report.
One of the world's most famous fashion addresses is the headquarters of Gieves & Hawkes, which has been in business for over 100 years.
Since last year, it has faced uncertainty due to the collapse of its Hong Kong owner.
Sky News doesn't know the value of any deal at the moment.
Since founding his business 40 years ago, retail billionaire MikeAshley has been one of the High Street's most prominent and colorful figures.
The controlling shareholder of Frasers Group, Mr. Mike, stepped down from the board.
His son-in-law, Michael Murray, took over the running of the group.
Missguided was snapped up by Frasers Group in June of this year.
Game, Evans Cycles, Jack Wills and Sofa.com were taken over by it.
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