The Times said the deal, which could still fall apart, is priced at $15 per share, which values Jones Group at $1.2 billion.
Jones Group began shopping around for a buyer after Barington Capital Group purchased about 2 percent of the company this summer and pushed for it to shed some of its brands, which include Nine West, Anne Klein and Stuart Weitzman.
The price represents an 11 percent premium above the closing price in November when news of a potential deal became public. It is a far cry from the company's record price above $40 per share, the Times said.
Teacher apologizes for showing sexual image of herself in class
Interpol investigating stolen passports on missing flight