Mike Ashley, the founder of Sports Direct, is hoping to add to his rapidly expanding high street empire by making an offer to acquire the business after it crashed into administration last month.
The 54-year-old, who owns Newcastle United Football Club, has already bought several struggling stores including House of Fraser, Evans Cycles and Agent Provocateur.
Earlier this week, Sunrise Records boss Doug Putman beat him in the battle for the collapsed music chain HMV.
Administrators to Patisserie Valerie previously said they received “a number of offers” for the business.
The cafe chain collapsed following the discovery of fraudulent activity in its accounts in October.
Trading in shares of Patisserie Holdings were subsequently suspended and the fallout saw its former finance director arrested and released amid a Serious Fraud Office investigation.
More than 70 stores have already closed resulting in 920 redundancies but 122 are still trading.
The chain, which specialises in hand-made cakes and continental breakfasts, indicated last month that the scale of the alleged fraud could be worse than first feared.
In a statement, the company revealed that analysis pointed to an “extensive” misstatement of accounts.