Game, owned by OpCapita, is interested in acquiring up to 45 HMV stores as administrator Deloitte receives 50 expressions of interest for the entertainment retailer.
However, the newspaper said sources have revealed that it is eyeing 40 to 45 HMV locations.
Game’s interest in HMV is likely to cause controversy as owner OpCapita, run by former banker Henry Jackson, placed Comet into administration after less than a year of ownership.
OpCapita is in line to recover £50m after Comet’s collapse. Business secretary Vince Cable is to investigate the circumstances in which the private investment firm negotiated a dowry from Comet’s former owner Kesa.
Gibbs said that the Deloitte approach has been made by Game’s management, not its owner.
Game is one of 50 expressions of interest administrator Deloitte said it has received for the collapsed entertainment retailer from a mixture of trade buyers, private equity and distress funds.
Those interested in the retailer include The Works-owner private equity firm Endless, Jaeger-owner Better Capital and HMV Canada owner Hilco.
It is understood there is not yet a set deadline for formal first round bids.
Gibbs said Game’s sales over the Christmas trading period were ahead of expectations and it was on track to delivered £20m EBITDA by its year end in July.
Property agents Savills and CBRE have been appointed by Deloitte to handle the sale of any stores.