BSkyB is understood to be in advanced discussions to buy Sports Internet for around £275m.
The two parties are believed to have been in talks for several weeks about a cash and shares takeover. Although several details still need to be ironed out, a deal could be announced as early as next week.
BSkyB reports interim results next Wednesday and chief executive Tony Ball is likely to come under pressure to clarify the broadcaster's position on the takeover by then.
Sports Internet, which operates websites for several leading football clubs, plus Opta statistics and an off-shore betting company, announced on Tuesday that it was in talks that "may or may not lead to an offer for the company".
The statement to the stock exchange followed reports that cable operator NTL was poised to table an 850p per share offer for the firm.
Sports Internet shares were trading at 632.5p before the rumours of a bid surfaced and had touched 887.5p earlier this year. Last night they closed up 22.5p at 755p, valuing the company at £242m. BSkyB closed down £1.11 at £16.39.
Analysts believe other media and internet firms have expressed an interest in Sports Internet but that BSkyB is well placed to seal a deal. Mr Ball is understood to have moved on Sports Internet to help meet his ambition of turning BSkyB's sports portal, SkySports.com, into the market leader.
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