Sources close to the deal said last night that the sale to Sports Direct, being handled by KPMG, was nearing completion although talks were still ongoing.
Two other bidders, believed to be JD Sports and American firm Dick's Sporting Goods, are being kept in negotiations, with JD Sports potentially buying a separate number of branches.
Even with stores set to be sold to different bidders, the majority of JJB's 180 outlets are likely to close down. Sports Direct will be able to only buy certain stores under the terms of JJB's administration.
The deal is likely to be probed by the Office of Fair Trading on competition grounds depending on which stores are bought.