Hilco UK will acquire HMV in a 50m deal.
Sky News is reporting that a deal has been agreed for the entertainment giant, with 140 stores and 2,500 staff saved. An official announcement could be made as early as tomorrow morning.
Earlier today it was announced that some HMV outlets, including stores in Edinburgh, Leamington, Nuneaton and Newport, that were originally set to be closed, will now remain in operation.
Hilco has been the most likely buyer for HMV since January, when it acquired the retailer's debt. The firm already owns HMV Canada, which managed to turn a profit last year.
Suppliers of music, video and games have continued to give HMV stock, confident the firm would be saved.
The deal will also save all nine shops under the Fopp name.
In total, around 90 HMV stores have been closed, which is fewer stores than feared.
It follows news last week that Blockbuster has also been saved, with Gordon Brothers Europe acquiring 264 stores.