Edinburgh-based Miller Homes is closing in on a sale valuing it at more than £600 million, according to a Sky News report.
The report said Bridgepoint, the private equity group which owns sandwich chain Pret A Manger, is in advanced talks to buy Miller.
The report said it is also possible that another buyer could emerge for Miller, which is focused on building houses in regions outside London.
Miller, part of Miller Group, is controlled by GSO, a division of Blackstone, the New York-based investment giant, Sky News said.