Spyglass Entertainment co-heads Gary Barber and Roger Birnbaum are reportedly close to a deal to run the stricken studio.
The pair are said to have been in talks with the ailing studio’s creditors and would come in to run MGM once it restructures $4bn of debt through a prepackaged bankruptcy process in September.
According to a report in Tuesday’s  Wall Street Journal a deal could close this week that values MGM at approximately $1.9bn.
Barber and Birnbaum would run MGM as co-CEOs and Spyglass would receive a 4% ownership stake in the reorganised studio.
The report said creditors would forgive all MGM debt in return for the bulk of equity ownership.
A spokesperson for MGM declined to comment and the Spyglass offices had not returned calls at time of writing. Lionsgate and Summit Entertainment have previously demonstrated an interest in MGM.