The Royal Bank of Scotland (RBS) is in discussion with JP Morgan regarding the sale of RBS Sempre.
Last year RBS announced that, in order to qualify for state aid, it would sell some of its assets including its 51 per cent stake in RBS Sempra.
The commodities trader was a joint venture with Sempra Energy, which also plans to sell its 49 per cent stake.
Macquarie Bank and Deutsche Bank also bid to buy the trader but have since withdrawn, with the total bids from the three companies totalling $4 billion (£2.5 billion).
JP Morgan is reported to have put in a bid of £2.5 billion for the company, which is a group of commodity trading companies operating in the global commodity markets.
RBS is eager for a quick sale of RBS Sempra and is aiming to agree a final deal before next month when it reports its fourth quarter trading, the Times reported.
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