The future of troubled retailer Debenhams could become clearer amid reports that JD Sports is in talks over a deal to rescue the business from administration.

The Times reported the sportswear specialist is looking at buying the entire Debenhams business.

Any deal would apparently include Debenhams online operation as well as its high street shops which has 124 shops, including one in Gloucester, and around 12,000 staff.

According to The Times, JD Sports is involved in exclusive talks with Debenhams' adviser Lazard and administrators at FRP.

It follows reports earlier this month that JD Sports was looking at Debenhams finances.

Debenhams has closed some stores after going into administration earlier this year.

Other interested buyers are believed to be looking at parts of the business with online retailer The Hut Group making an offer for the website.

Fellow high street chains Next and Marks & Spencer are believed to be interested in some of the company's shops, but Mike Ashley's Fraser Group are reportedly out of the running after lodging an offer well short of the £300million asking price.