"It's a done deal. Baker has won his prize," one source told the Post, referring to Richard Baker, the chairman at Hudson's Bay who orchestrated a purchase of Lord & Taylor in 2006.
Saks had hired Goldman Sachs to find a buyer, but a spokesman for the financial giant would not comment on the sale, the Post said.
The price of the deal was not disclosed but the final figure is likely between $17 and $18 per share, a jump ahead of Hudson's Bay's original offer of $15 to $16 per share, the Post said.
Real estate tycoon Barry Sternlicht was interested in Saks, but backed down after his partner, Catterton Partners, pulled back. A late bid from an undisclosed candidate also failed to materialize. That bid was reported to be from a sovereign investments fund in the Middle East.