The founder of the Sunday Sport is believed to be buying back the title, which went into administration on 4 April.
David Sullivan, who is joint chairman of West Ham United, launched the Sunday Sport in 1986, following with the Daily Sport in 1991.
He sold the two titles in 2007, for £40 million and is now believed to be buying back the Sunday paper for less that £1 million.
A former Sunday Sport editor told Journalism.co.uk Sullivan’s team spent some of yesterday looking for new offices for the Manchester-based title, which is expected to relaunch on 8 May.
Administrators for the Sport titles, BDO, told Journalism.co.uk no deal has been completed and they are “still talking to interested parties”.
It is thought the Daily Sport is not part of the deal.
If no buyer is found for the daily, it will be the first national daily to shut since Today closed in 1995.
Sullivan bailed out Sports Media Group, which owned the titles, in 2009, with a £1.6 million loan, but did not offer more money to save the titles earlier this month when the papers shut with the loss of all 80 jobs, administrators said.
A relaunched Sport would see Sullivan look to win back readers, who have been welcomed by Richard Desmond’s title the Daily Star Sunday since the Sunday Sport’s closure.
A message on the paper’s masthead using the Sport’s typeface has been used by the Daily Star Sunday for the past two weeks.
National Union of Journalists negotiator Lawrence Shaw said he “would welcome any newspaper start up” but warned the sale could still leave freelancers owed large amounts of money.