The firm is facing severe balance sheet concerns due to the global credit crisis, and its stock has lost over 90 per cent of its value as a result.
However, insiders have told the Bloomberg news agency that the Federal Reserve and the Treasury are not likely to provide a financial bailout for the firm, as it did to stricken investment bank Bear Stearns in March.
Several banks are interested in buying Lehman out, the anonymous sources also claimed.
Speaking to the news agency, Sean Egan at Egan-Jones Ratings commented: "Lehman's sale is likely to take a different form because there was serious political fallout from the JPMorgan-Bear deal.
"It could be a consortium that buys Lehman, with the Fed's help."
Also commenting on the likely buyout, Rupert Della-Porta at Atlantic Equities said: "We're entering the end-game [for the deal]."