The sportswear retailer, founded by Mike Ashley, is understood to have struck a £5m deal with HMV’s administrator Deloitte for the lease of the 60,000 sq ft store.
The Hilco owned entertainment retailer has agreed to move to 363 Oxford Street after it collapsed into administration earlier this year. The 92-year-old retailer has struggled to compete with online rivals and supermarkets and agreed this month to take over the lease on a smaller Oxford Street store occupied by the retailer Footlocker.
Ashley already controls the famous Lilywhites sports shop at Piccadilly Circus and has a smaller presence on Oxford Street with a store in the Plaza shopping centre nearer Tottenham Court Road
HMV was rescued by Hilco in April in a £50m deal that protected 2,643 jobs and 141 shops.
Hilco, founded by Paul McGowan, said it intended to refocus HMV in the music and DVDs market after it made progress in the technology and tablets market.