Russian oligarch Alexander Mamut, who is hoping to add British retail giant Waterstone's to his empire, has been given two weeks to seal the deal.
Mr Mamut already owns a 6.1% stake in HMV group, owners of Waterstone's.
He is worth £1bn, according to Forbes magazine, and is a close friend of Chelsea FC owner Roman Abramovich.
He is expected to assume a role of life president if the offer goes through, Sky's City editor Mark Kleinman reported.
Mr Mamut has hired Credit Suisse to assist him with a the bid for Waterstone's, and HMV is being advised by financial services group Nomura, who set the 15-day deadline.
"The tight deadline underscores how urgently HMV is now seeking a buyer for Waterstone's despite saying until a couple of weeks ago that offloading the chain was not an option it was actively exploring," Kleinman said.
If it goes through, the deal will break up of one of Britain's best-known retail groups.
Troubled HMV has been in contact with potential bidders for other parts of the company as it attempts to secure its lenders' backing for a revamped business plan.
It is soliciting offers for its Canadian stores, many of which face closure under a new owner.
On Tuesday morning, HMV issued a profit warning that said trading had "remained difficult" through March, bringing its full-year pre-tax profit forecast to around £30m.
However, it said it was "pleased to report" that its lenders had given it two more months before it had to meet key financial health tests.
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