Republic co-founder Carl Brewins could team up with Danish brand house Bestseller to buy back the young fashion retailer.
Brewins has emerged as a front runner to buy Republic after it plunged into administration last week. Bestseller, the owner of Vero Moda and Jack & Jones, is understood to be backing Brewins according to The Times.
Bestseller turned over £2.1bn last year and owns 28% of Asos, however despite its large scale the company only has 45 Jack & Jones stores in the UK.
Last week Drapers reported that Brewins was considering buying back the business with co-founder Tim Whitworth and wholesale and distribution company Whispering Smith - previously known as Rajan Imports.
It is understood Brewins could be faced with competition from young fashion retailer Blue Inc, as it is thought to be also contemplating a move to buy Republic.
Another potential bidder is an unidentified US retailer, who is thought to be eyeing around 40 Republic stores.
While private equity firms including Better Capital and Apollo are also thought to be interested in snapping up the 121-store retailer.