Mike Ashley has offered close to £50m to buy the 244,000 sq ft Junction 32 retail park from Landsec.
Landsec bought the park, near Leeds, as part of a £333m portfolio deal with Hermes in 2017.
The acquisition is the latest in a recent shopping spree for Ashley, who through his retail firm Frasers, has this year already bought the The Mall in Luton for £58m and the Overgate Centre in Dundee for £30m.
Junction 32 has around 100 stores, many of which are part of the Frasers portfolio.
Landsec put Junction 32 up for sale late last year as part of the rebalancing of its portfolio.
