Sports Direct is thought to be the leading buyer to purchase fashion sports brand
Umbro, which was put up for sale by current owner Nike, was bought by the sporting giant in 2007 for £285m.
As well as Sports Direct there is expected to be interest from private equity firms, although a return to the stock market is unlikely due to volatile conditions.
Nike last week commented it wanted to offload Umbro and Cole Haan, an American leather goods company, to increase its focus on its core brand and on faster-growing labels such as Converse.
Umbro, which was founded in 1924, was previously designed by Louis Vuitton's men's design director Kim Jones.