Menswear brand Hackett is to acquire Ferrari’s prominent store on Regent Street.

Hackett, which has about 10 stores in the UK, is thought to be on the verge of completing the deal, which could go through as early as today, Retail Week has learned. It is understood that Hackett paid a premium of £4m to take the store.

It is thought Hackett will be relocating from its existing store on the famous shopping street.

Regent Street owner Crown Estate has been transforming the shopping mecca in recent years, pulling in big name brands including Superdry and Hollister. Burberry opened a flagship on the street last year.

Ferrari’s store was opened to great fanfare in 2009 by Ferrari driver Kimi Raikkonen. It is not known why Ferrari is closing the store.

Property firm Savills acted for the private landlord. Kitchen La Frenais Morgan acted for Ferrari.

Hackett, Savills and Kitchen La Frenais Morgan declined to comment.