The reports of a sale come as Michael Kors has made it clear that it wants to transform itself into a house of luxury brands, starting previous year with its acquisition of Jimmy Choo, made famous for its "Sex and the City" stilettos.
A representative for Versace declined to comment on the potential transaction.
Versace reported sales of €686m in 2016.
The deal gives Michael Kors a mega-brand and red carpet favourite that is among the most recognizable and followed fashion labels in the world.
Michael Kors, whose namesake label is best known for its leather handbags, has made no secret of its ambition to grow its portfolio of high-end brands after swooping on British stiletto-heel maker Jimmy Choo for $1.2 billion previous year.
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Donatella Versace, Gianni's sister and the company's artistic director, has reportedly called a staff meeting on Tuesday.
U.S. fashion group Michael Kors Holdings Ltd has sealed an agreement to take control of Italy's Gianni Versace SpA, three sources familiar with the matter said on Monday, adding that an official announcement would be made this week.
An official announcement is expected this week, the sources said.
"I can't tell you whether he is going to sell dresses for $100 or $300, but I can tell you he is going to find a way to reach a lot more customers by broadening its playing field", Weber says.
Michael Kors Holdings Ltd.is adding some Italian flair. "They needed a buyer who could make heavy investments".
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The Versace family still owns 80% of the company. While talks are advanced, no final agreements have been reached, the people said. "It was overpriced", the source said.
Models present creations at the Versace show during Milan Fashion Week Spring 2019 in Milan on Friday.
She holds a 20 per cent stake in the company, her daughter Allegra has a 50 per cent stake, while Santo, Donatella's brother, holds the remaining 30 per cent.
Versace had revenue of €686 million euros and returned to profit in 2017, according to figures provided by the company.
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