Online directory business Scoot.com is on the verge of being bought by British Telecom.
The move will enable BT to build a new directory inquiries service around the Scoot brand.
Former stock market darling Scoot has had a bumpy ride in recent months as it was almost out of cash. Scoot's share price has also tumbled to just 0.65p from a peak of 351½p in 2000.
It is thought new chief executive Terry Martin, who has been credited with keeping the business alive, has been holding discussions with BT for a number of weeks. BT declined to comment.
The proposed deal comes after telecoms regulator Oftel announced plans to end the 192 inquiries service and replace it with a number of competing services, due to be introduced later this year.
It is likely a tie-up could also secure 400 jobs at Scoot's call centre in Telford and at the firm's Uxbridge headquarters, the paper said.
Scoot has already sold its free-ads newspaper Loot to Daily Mail & General Trust as part of its struggle for survival