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The Gucci owner has been competing for the luxury brand, founded by fashion designer Tom Ford in 2005, with rivals including Estée Lauder Cos Inc, but Kering appears to be the front-runner now and a deal could be reached soon, the report added.
According to the report, the people cautioned that there are no guarantees of an agreement and another party could still prevail.
Kering declined to comment on the matter.
Early August, the Wall Street Journal reported MAC brand owner Estee was in talks to buy Tom Ford in a $3 billion deal, which could have been the company’s biggest acquisition ever.
