The Bon Accord Centre in Aberdeen is set to be bought from administrators for around £10m.
The Press and Journal reported that a property company led by Zakir Issa - brother of EG Group bosses Mohsin and Zuber, who own Asda in a joint venture with TDR Capital - is in advanced talks to purchase the mall.
The centre, which was owned and operated by two Guernsey-based companies, Aberdeen Retail 1 and Aberdeen Retail 2, fell into administration last August.
Joint administrators Azets said the collapse was due to "unsustainable cash flow problems stemming from the ongoing impact of the pandemic, rising operational costs and intense retail competition".
Issa's company, EP Properties, has a commercial property portfolio across the UK, with its only current Scottish site currently being the Blantrye Industrial Estate near Glasgow.
The acquisition is not thought to be linked to the EG Group or any affiliated entities.
Bon Accord, which was built in 1990, had average annual footfall of 15 million prior to the pandemic.
A spokesman for the joint administrators said: "There has not been a sale of the development in whole or in part - any update will be announced in due course, if appropriate, by the joint administrators."
Ryan Crighton, policy director at Aberdeen & Grampian Chamber of Commerce, commented: "The Bon Accord Centre has been at the heart of Aberdeen's retail offering for over 30 years - and that must continue.
"However, if people want a vibrant city centre, this should serve as a clear 'use it or lose it' warning.
"After years of regressive policies which have starved our high streets of footfall, we now need innovative solutions to get people back into our city centres to live, work and play."
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