J. Crew is said to be in talks with private-equity firms and the company’s chairman about a potential leveraged buyout.

The preppy retailer is in discussions with TPG Capital, which owned J. Crew once before, and another private-equity firm, Leonard Green & Partners, according to a New York Times report.

The firms are working with chairman and chief executive Mickey Drexler, who is widely credited with turning J. Crew into a trendsetter, on the buyout. The deal could be announced as early as today, according to the report, which cautioned that talks were continuing last night and could still fall apart over price.