The Jessops shop in New Oxford Street has reportedly been sold to Morrisons.
As we reported on Monday, Jessops website is set to be relaunched and the photo printing side of the business has already been revived.
A source familiar with the matter has told AP that prime stores in London and the Midlands would be targets if Jessops re-emerges as a high-street presence.
A spokesman for Jessops' administrators, PwC, had yet to respond to requests for comment.
At the time of writing, Peter Jones, who bought the Jessops name last month, could not be reached for comment on the future of the Jessops brand.
AP understands that the results of talks over the future direction of Jessops are unlikely to emerge this week.
On Monday, AP revealed that former Jessops chairman David Adams has been appointed to head up Park Cameras, which operates a store and showroom in Burgess Hill, West Sussex, plus an online business.
Roscoe Atkins, who will take over the reins as Park Cameras managing director on 1 March, has since told AP that the 41-year-old business is looking to grow its current turnover of £16m.
Jessops closed its remaining 187 stores on 11 January, with the loss of up to around 1,400 jobs.
In an interview with AP last month, Adams - who left Jessops a year ago - said he believed the chain could have survived with fewer branches and that its disappearance from the high street was ‘avoidable'.
‘We thought we were going in the right direction, particularly with suppliers... We were trying to be a channel to market for them,' said Adams, who stressed that Jessops prided itself on customer service.