The deal, which values the brands at £1 billion (US$1.6 billion, 1.2 billion euros), is expected to be announced within the next two days, according to the reports.
US clothing firm J Crew is believed to be the prospective buyer.
Green is thought to be worth £3.3 billion and has owned Arcadia Group, the retail giant which owns Topshop and Topman, since 2002.
J Crew is owned by Leonard Green & Partners (LGP) and TPG Capital, two US private equity firms.
Source: AFP
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