Hilco is reportedly keen to continue operating about half of HMV's 223 UK stores.
The restructuring group bought HMV's debt last week, effectively giving it control of the retail group, and is said to be due to open negotiations with landlords and entertainment firms this week as it looks to save the company.
The Mail on Sunday reports that Hilco aims to run a streamlined version of the chain, which could see interested parties acquiring unwanted stores. A similar strategy has helped Hilco turn around HMV's Canadian arm, which it acquired in 2011.
Hilco is reportedly looking to agree a new credit deal with suppliers that would allow HMV to buy products in instalments over an extended period, with music firms such as Universal, Warner and Sony said to be keen to see the retailer survive.
About 50 parties are believed to have expressed an interest in HMV to administrator Deloitte, with GAME Retail apparently keen to purchase 45 stores.