Deloitte is set to announce the closure of between 60 and 100 shops this week, which could see 1500 jobs axed, according to a weekend report.
The plans would leave HMV with between 120 and 160 shops.
HMV went into administration last month, putting more than 4120 jobs and 223 stores at risk. Hopes of a rescue deal have been raised after restructuring firm Hilco – the group behind HMV Canada – bought the company's debt.
Hilco reportedly wants to rescue about half of the stores in the UK as it looks to repeat the strategy that has seen it turn around HMV's Canadian arm, which it bought in 2011.