The group today (18 December) said: "IN&M confirms that it has entered into an exclusive, in principle - but non-binding- agreement with Alexander Lebedev and is currently engaged in discussions with regard to the future ownership of The Independent and Independent on Sunday. This exclusivity agreement is scheduled to expire on 15 February 2010."
Lebedev could wrap up a deal to buy The Indpendent and The Independent on Sunday in January, according to one source close to the deal.
Lebedev has held on and off talks over the past year with senior personnel from IN&M regarding the purchase of the papers, as he looks to build a UK-based newspaper empire.
Lebedev is currently in his home country of returning to in the UK, with his business partner, the former Russian president Michail Gorbachev, over the Christmas period.
Lebedev, his son Evgeny, London Evening Standard editor Geordie Greig, Independent Newspapers group finance director Andrew Round, managing director Simon Kelner and IN&M chief executive Gavin O'Reilly are thought to be those involved in thrashing out the deal.
The source said: "The deal will happen sooner rather than later."
IN&M recently concluded its financial restructuring with its lenders regarding its £1.2bn debt.
Circulations of The Independent and The Independent on Sunday have been falling steadily times. According to Audit Bureau of Circulations (ABCs), the circulation of the Independent in November fell 14.07% year to 186,557. The Independent on Sunday slumped 15.23% to 156,517.
Media Week interviewed Lebedev earlier this year when he made it clear he was interested in buying the titles and building his newspaper empire.
The London Evening Standard declined to comment.
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