Stylo chairman Michael Ziff is planning to buy back 200 of the group's 380 stores from administrator Deloitte.
Ziff is working on the plan, which would save around 3,000 jobs, according The Sunday Times.
The Ziff family owns 65 per cent of the group and Ziff is among a handful of interested parties who could buy the collapsed retail business.
Stylo, which runs the Barratts and Priceless shoe chains, was forced into administration last week after failing to have its company voluntary agreement (CVA) proposal agreed by its creditors.
Landlords, led by Hammerson, voted against the CVA, fearing it would set a precedent for other retailers.