Comet owner OpCapita has reportedly bought GAME.
The Telegraph believes OpCapita has bought GAME for a nominal Ł1, which brings the retailer out of administration. But it has taken on the group's Ł85 million debt.
No deal for GAME Group's international business has been made, however. Hilco and GameStop are said to be interested.
The BBC claimed the deal will keep open GAME's 333 stores and save 3100 jobs.
GAME went into administration last Monday after failing to pay its Ł21 million rent bill. Shortly after administrator PwC closed 277 shops and let go over 2000 staff across the UK and Ireland.
The Royal Bank of Scotland, which reportedly blocked a bid from OpCapita before GAME went into administration, was thought to be ready with its own bid. That has now fallen by the wayside.
GAME Group collapsed after a catastrophic Christmas and the loss of credit insurance. It then found itself unable to stock some of the biggest games of the year, including EA's Mass Effect 3, and was forced to cancel pre-orders.
PwC said GAME Group suffered from its expansion overseas and the close proximity of its stores in the UK.