Deloitte is set to announce the closure of between 60 and 100 shops this week, which could see 1,500 jobs axed, according to The Sunday Telegraph.
HMV's administrators are reportedly planning to shut up to 100 of the music chain's shops as part of plans to restructure the business.
But under the plans, which would leave HMV with between 120 and 160 shops, the doors would not be closed until the stores have run out of stock.
HMV went into administration last month, putting more than 4,120 jobs and 223 stores at risk, but hopes of a rescue deal have been raised after restructuring firm Hilco - the group behind HMV Canada - bought the company's debt.
It is thought that Hilco was planning to begin negotiations with suppliers and HMV's landlords last week as part of a plan to salvage the group.
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.
Deloitte declined to comment.
Deloitte has already cut 60 jobs at HMV and last week staff used the company's official Twitter account to announce their own "mass execution" as administrators axed nearly 190 jobs. Workers tweeted live about redundancies being made across HMV's offices and distribution centres.
The store closures come amid the high-profile collapses of camera chain Jessops and DVD and game rental business Blockbuster last month.
Administrators closed all of Jessops' 187 stores after it collapsed into administration, but it has emerged that supermarket giant Morrisons has acquired seven leasehold properties - including four in London, two elsewhere in England and one in Scotland - which it plans to turn into convenience stores. On Friday Jessops was snapped up by a group of buyers that includes Dragon's Den star Peter Jones.