The company refused to disclose the name of the party it was in talks with and said that the talks may or may not lead to the company being bought.
In a short statement issued this morning, I Feel Good said: "The company announces that it has received an approach that may or may not lead to an offer being made for the company."
The formal approach follows what are thought to have been several expressions of interest in the publishing company last summer, when potential bidders for the company were thought to include Emap and Felix Dennis who was one of the original backers of the firm.
Dennis, who publishes Maxim magazine, and Emap, which is behind FHM, are still likely to be interested in acquiring Brown's company. IPC Media, Highbury House and Hachette Filipacchi are other publishers who might be interested in I Feel Good as is just about any other magazine publisher in the UK.
The approaches, made last year, followed a collapse in I Feel Good's share price, which lost 60% of its value, falling to a low of 4p from a high of 24p.
IFG, which also publishes Viz, men's magazine Bizarre and Leeds Leeds Leeds, was valued at £14m when its share price stood at 24p.
This morning its share price rose 35% to 5.75p, up 1.5p, valuing it at just under £3m.
IFG's most-talked-of title has been its pocket-sized men's monthly magazine Jack, which at launch exceeded sales targets. Jack, described as the grown-up title for the Loaded generation, is due to report its first ABC in August.
Earlier this year, IFG announced a relaunch of its cult paranormal magazine Fortean Times, which it acquired from John Brown Publishing.
Last year, the company sold its film magazine Hotdog to Paragon Publishing.
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