Sky News reported that Newsquest has seen off competing bidders to secure a period of exclusivity within which to strike a deal.
The sale process began several weeks ago and reportedly also drew interest from Reach and National World.
For Newsquest, a merger with Archant would help extend its geographical reach because of the latter's big presence in East Anglia, where it is based.
Archant was established in 1845. Since Rcapital bought Archant in 2020, the company has been restructured, with much of its management team being replaced.
The deal saw Archant requiring support from the Pension Protection Fund, the industry lifeboat, which took a 10% stake in the business.
The value of a transaction was unclear, although Archant is said to be carrying roughly £8m of debt.
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