Jones Apparel Group Inc. (JNY.N: Quote, Profile, Research) is nearing a deal to sell its Barneys New York department store chain for $950 million to a private equity firm owned by the Dubai government, according to The New York Post.

The talks with private-equity firm Istithmar have reached the final stages, the Post said, citing sources.

A $950 million deal would be more than double what Jones Apparel paid for Barneys three years ago, according to the report.

The company could not immediately be reached for comment.

A deal could be announced as soon as this week, or early next week, the Post said.

Dubai Investment