Peacocks administrator KPMG has received four second round bids to buy the business, or parts of it, out of administration, it is understood.
The administrators do not expect to reach a decision on a preferred bidder until “early next week”.
The number of bidders in the running has dropped from six in the first round and are understood to be a mixture of trade and private equity firms.
Textiles tycoon Alshair Fiyaz is thought to have teamed up with Danish investment fund Solstra Capita to launch a bid. It is understood he is working with the Peacocks’ management team, including managing director Tim Bettley.
Peacocks collapsed into administration last month after boss Richard Kirk was unable to secure a deal with its banks. Around 600 stores and 7,500 jobs currently hang in the balance as KPMG seeks a buyer.