OpCapita, the company who acquired Comet last year for £2, is said to have the money in place to repay GAME Group's debts and a management group in place to restructure the business.
However, the buyout is being held up as the Royal Bank Of Scotland (RBS) "drags its heels" on negotiations, preventing it from happening before GAME's store rent payments are due this weekend.
If a deal cannot be struck between GAME and its suppliers the retailer will be unable to pay its store rent causing the chain to close on Monday, according to MCV.
The deal between GAME and suppliers is said to include publishers supplying products while the retailer undergoes cost-cutting measures such as additional store closures.
"We all want a strong specialist to survive, not a lame duck just bumbling along - that would be pointless. Somehow, we've got to find a way," a supplier told the website.
"And one thing's for sure, whatever happens there won't be 600 stores in the UK. There has to be reduction in store count. And the real shame about that is the fact that it's not the UK or Spain that has caused this predicament. It is France, Australia and Scandinavia that has been losing big money for a long time.
"You have to wonder why someone somewhere within GAME didn't notice that and do something about it sooner. Those stores should have been closed."
GAME recently received lender support to alleviate financial troubles following apparent concern by publisher EA.
The high street retailer's shares plummeted by 90% in 2011, despite £1 billion in annual turnover.
> Everything must go: Is this the death of games retail?
View the Modern Warfare 3 midnight launch at GAME's Oxford Street branch below: