Jaeger has attracted the attention of its previous owner as Harold Tillman seeks to buy back the business he sold five years ago.
Its current owner Better Capital, which purchased the company from Tillman for £19.5 million, recently brought in restructuring firm AlixPartners to help handle the sale of the fashion retailer.
First round bids for the struggling brand are set to start in the next fortnight, according to The Telegraph.
Tillman, who owned the company from 2003 and 2012, is among the bidders.
In a previous attempt to sell the company, Better Capital hoped to make £40 million from the sale. This was scrapped due to lack of interest.
The value has now been written down to around £30 million.
The brand, which started its life in 1884, saw Tillman team up with M&S’s Belinda Earl to reinvigorate its trading, after it was sold to Tillman’s predecessor for just £1.
Since it was bought by Better Capital it vacated its flagship store in London’s Regent Street and has continued to struggle with sales.