Frasers Group is preparing a £30 million bid for DW Sports.
The sporting goods retailer and gym group entered administration earlier this month, putting more than 1,700 employees at risk.
The Sunday Times reported that Mike Ashley's retail empire is making a bid for the rival retailer owned by former Wigan Athletic owner Dave Whelan.
Administrators BDO are reported to have been asking for around £20 million, with speculation that Whelan’s family could potentially buy back the business.
The family also own Fitness First, which is not affected by the administration proceedings.
In the past, Ashley has acquired Jack Wills, Evans Cycles and House of Fraser out of similar situations, and was recently considering an offer for as many as 30 Debenhams stores.
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