An offer has been made for Fox's Biscuits that would value the biscuit brand "in the region of £350m".
Fox's, which trades as Northern Foods Grocery Group, is based in Batley where it makes biscuits, cookies, biscuit bars and seasonal biscuits.
The group's owner, the food mogul Ranjit Boparan, disclosed that an offer has been received for the company.
The tycoon's holding company Boparan Holdings said that it has received a preliminary approach for the brand, but cautioned that there is "no certainty" that a transaction will proceed.
The name of the bidder was not disclosed.
Last year there were rumours that Mr Boparan was negotiating to sell Northern Foods Grocery Group Limited to Burton's Biscuit Company
Burton's employs over 2,000 people around the UK, in three main manufacturing facilities in Llantarnam, Edinburgh and Blackpool, a chocolate refinery in Moreton and a central distribution hub in Liverpool.
The company was bought by Ontario Teachers’ Pension Plan in November 2013. The group has said it is interested in synergistic bolt-on mergers and acquisitions.
Northern Foods Grocery Group was founded in 1853.
Mr Boparan's 2 Sisters group acquired Northern Foods, which also houses Goodfella's pizzas, for £342m in 2011.
The "chicken king", so called because of 2 Sisters' large scale involvement in the poultry trade, has been heavily involved in deal-making over the past 12 months.
Last year he snapped up turkey meat producer Bernard Matthews from private equity group Rutland Partners in a pre-pack administration.
In a similar vein his restaurant arm, which houses Harry Ramsden's fish and chip shop, bought Ed's Easy Diner.
Giraffe is also a relatively new member of Boparan Restaurant Holdings, having been bought from Tesco for an undisclosed amount back in June.