The Sunday Sport looks set to return on 8 May - just over a month after closing down.
West Ham United co-owner David Sullivan is believed to be in advanced negotiations with administrator BDO.
A spokeswoman for BDO confirmed negotiations were taking place but would not confirm Sullivan's involvement, claiming it was a 'commercially sensitive issue".
On his Twitter page yesterday, former editor Paul Carter claimed the Daily Sport's future 'is very much secure", with Nick Appleyard remaining as editor and Mark Harris as managing director.
A report in The Guardian claims that Sullivan, who originally launched the Sunday Sport in 1986, has offered "less than £1m" for the Sunday Sport, and that the deal does not include its sister title the Daily Sport.
Both papers ceased publication on 1 April when parent company Sport Media Group went into administration.
On 5 April all 80 staff were issued with redundancy notices after a meeting with BDO partners administrators Dermot Power and Patrick Lannaga.
Sport Media Group, which bought the Sport titles in 2007 for £50m, cited an 'insufficient recovery'for its poor sales last year, which lead to crisis talks with its bank.
Sport Media Group was bailed out in April 2009 by former owner Sullivan and Gold Group International, who agreed to a loan of £1.68m to help restructure the business. Sullivan also took a 9.9 per cent stake.