Canwest's financial advisers at RBC Dominion Securities Inc settled on four potential bidders last week, and are now attempting to get the best possible terms from one of them, the paper said citing sources.
Canwest was not immediately available for comment outside regular Canadian business hours.
None of the four potential bidders were immediately available for comment.
Canwest, which has struggled under a debt load of about C$4 billion ($3.8 billion), said on Friday that it has received an offer to buy its newspaper division and will seek others as it put its publishing business under bankruptcy protection.
(Reporting by Santosh Nadgir in Bangalore; Editing by Mike Nesbit)