The Sunday Times understands that the crisis-hit retailer faces administration if it fails to meet the deadline.
GAME allegedly owes £21 million in rent, £12 million in staff wages, a further £10 million in deferred VAT, and £40 million to video game suppliers, according to MCV.
The firm is in emergency talks with a number of potential backers, but lenders do not believe it will secure funding in time. Any investor would have to pay £100 million to the company's banks as well as the aforementioned funds.
Comet owner OpCapita has been strongly linked with an acquisition bid, though lenders are sceptical that it has the means to rescue GAME from the brink of collapse. Walmart, GameStop, and Hilco are also rumoured to be interested parties.
GAME ran into financial difficulties following below-par sales during the Christmas period. It later reported supplier issues which resulted in its failure to stock blockbuster titles such as Mass Effect 3.
The retailer put itself up for sale after it hired independent advisory group Rothschild to find a buyer. In a bid to cut costs, it announced 35 store closures and the impending discontinuation of sister website gameplay.co.uk.
Earlier this week, GAME Group confirmed that a "third party" has expressed interest in proving additional funds for the company.
> Everything must go: Is this the death of games retail?
View the Modern Warfare 3 midnight launch at GAME's Oxford Street branch below: