Admiral Taverns is gearing up looks set to be sold to a US investment fund for £220m, according to a report in The Times.
The company which has more than 1,000 pubs, is in talks with New York-based Proprium Capital Partners.
Admiral was acquired by Cerberus Capital Management in earl 2013, marking a three year 'transformation' of the business. The company has been seeking bids for the business in recent months.
Sky News reported in July that Patron Capital Partners, the private equity firm which bought 1,400 pubs owned by Punch Taverns, was seeking to purchase Admiral for around £200m.
The auction process is understood to be ongoing, with no deal yet confirmed.