Michael Kors (NYSE: KORS) is nearing an agreement to buy Gianni Versace, according to Bloomberg, citing people familiar with the plans. Versace attracted interest from a number of suitors.

Michael Kors may announce a deal as early as this week that values Versace at about $2 billion, the report said. The Versace family will continue to have a role in the company under any agreement.

Talks are at an advanced stage but not final agreement has been reached.