Boparan Restaurant Group, which has a portfolio of brands including Giraffe and Ed's Easy Diner, is reported to be in exclusive talks with Carluccio's administrators.
According to Sky News, sources said administrators at FRP Advisory had begun exclusive talks with Boparan over a sale.
Carluccio's, which employed around 2,000 people, fell into administration last month after challenging trading conditions, exacerbated by the coronavirus crisis, hit cashflow.
The group of 71 casual dining Italian restaurants was founded in 1991 by chef Antonio Carluccio.
Administrators Geoff Rowley and Phil Reynolds of FRP said at the time they were "considering all options" for the group, as well as looking for a buyer for all or part of the business.
FRP declined to comment. Boparan has been contacted for comment.