Vestar Capital Partners is nearing an agreement with casual clothing company Levi Strauss & Co to acquire its Dockers brand for around $800 million, according to The New York Post.

Levi, which is attempting to revive its flagging business, said in May that it was looking at selling its $1 billion Dockers brand in order to repay some of its debt.

Sources told the paper that although negotiations have moved forward, details of the deal have not yet been finalised.

Vestar Capital Partners is not the only company said to be interested in buying out the Dockers division.

Clothing group Perry Ellis International has also been named as an interested party, as has sourcing group Li & Fung and private-equity company Perseus.