Jones Apparel is keeping its cards close to its chest amid mounting speculation that the company could offload its luxury retailer Barneys New York as soon as this week.

A spokesperson for the US company told just-style: "It is just media speculation at the moment."

Reports in the New York press say that Dubai government owned Istithmar is ready put pen to paper in a deal upwards of US$800m. Jones purchased high-end retail chain Barneys three years ago, in a deal worth $400m.