The store, which went into administration earlier this year, putting thousands of jobs at risk, has been rescued by specialist restructuring firm Hilco in what is believed to be a £50 million deal.
Hilco now has 132 HMV stores, and nine branches of the Fopp chain. It is expected up to 2,500 jobs could be saved.
The chain is expected to be run by a combination of HMV and newly-appointed Hilco executives, while suppliers are also rumoured to have gone running back to the company offering new terms and given a positive nod to the deal.
HMV could be in safer hands with Hilco already having experience with the brand in Canada, which it bought two years ago.
The purchase rumours emerged a after Jessops was saved by Peter Jones.