U.K. entertainment retailer HMV is reportedly in the final stages of signing a deal to take space at the former flagship Zavvi store in London's Oxford Street.

According to Retail Week, HMV and fashion chain H&M will take up stores there after the site is renovated. Both already have stores elsewhere on Oxford Street.

HMV declined to comment directly to Billboard.biz, although a spokesman did add that "our property team routinely look at all the options for Oxford Street, given its evolving property landscape, and this is how this speculation has most likely arisen."

The store, currently occupied by fashion brand Hyper Hyper on a temporary lease, is owned by Land Securities and Frogmore as part of a joint venture.

Zavvi ceased trading in February 2009 and HMV acquired a number of former Zavvi stores.