High street stalwart Next is among a host of retail giants aiming to take control of Arcadia as the deadline approaches to snap up the troubled Topshop owner.
Sir Philip Green’s retail empire, which employs around 13,000 people and 444 UK stores, collapsed into administration at the start of December.
It is understood that final bids for the business are due on Monday, although there could be some flexibility.
Administrators at Deloitte are expected to receive bids worth more than £200 million in the process, which could be completed by the end of the month, according to the Sunday Times.
Next has been touted as one of the most likely victors in the process, with the listed retailer bidding for the group in partnership with US hedge fund Davidson Kempner.
It is understood that the Next offer would work with existing management and seek to keep many Arcadia stores open if they are able to agree deals with landlords.
Last year, the high street firm, which is led by Conservative peer Lord (Simon) Wolfson, struck licensing deals with Victoria’s Secret and Laura Ashley after they both tumbled into administration.
Next faces competition from high street rival JD Sports, which has held talks over a joint bid with US retail giant Authentic Brands.
Frasers Group and Boohoo have also been reported as having an interest in acquiring Arcadia brands.
Last month, administrators agreed the sale of Arcadia’s plus-sized brand Evans to Australian firm City Chic Collective in a £23 million deal.