EDF runs France's nuclear power industry and its board of directors is expected to meet to finalize a possible takeover offer for British Energy ahead of Friday's deadline, the Telegraph reported.

Centrica, the British power company that had been in talks with EDF and others about a joint bid, has not been named with EDF.

EDF has been seen as the front-runner to buy BE, which runs eight U.K. nuclear reactors, because of its expertise in nuclear power and its financial strength.

It is understood that today's board meeting will focus on a possible bid of about $20 billion for BE, which included the British government's 35 percent stake.

"EDF is looking at bidding on its own, or not bidding at all," a financial adviser said. "I'm sure Centrica will be discussed, but if it has a role to play it will be at a later stage."

The British government is committed to building a new generation of reactors, and whoever buys BE will have a leading role in new nuclear, though some investors have expressed concern about keeping at least some control in the country.