Phoenix, Arizona-based Najafi is moving quickly to complete due diligence on Borders to acquire its remaining 265 superstores, the paper said, citing one person familiar with the matter.
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Last week, the court gave Borders more time to come up with a plan to exit bankruptcy after its lawyers said multiple suitors had expressed interest in buying a majority of the chain.
Borders declined to comment. Najafi was not immediately available for comment.
Borders would soon select a stalking-horse bidder as part of the bidding procedure, the paper said.
The book seller contended with years of declining book sales in the years leading up to its bankruptcy filing. It has so far closed about 225 of its 500 superstores.
One source, however, warned that talks with both the players are fluid and could fall apart, the Journal said.
(Reporting by Himank Sharma in Bangalore; Editing by Gary Hill)