Agent Provocateur is expected to enter administration today, with Sports Direct owner Mike Ashley the favourite to snap up the struggling business.
It was reported earlier this week that Ashley has placed a £27.5 million bid to acquire the luxury lingerie retailer.
French womenswear brand Etam and private equity firms Lion Capital and Terra Firma Capital Partners were also believed to be seeking to acquire Agent Provocateur.
But Ashley has now risen above the pack in the bidding war, Sky News reports.
Last month, 3i brought in restructuring firm Alix Partners to turn Agent Provocateur around.
The planned overhaul was expected to involve closing of around 30% of its 111 stores in 29 countries, and reducing staff by a third at its HQ in London.
More news to follow