NEW YORK (

TheStreet

) -- With a

J.Crew

( JCG) takeover potentially coming today, investors should also keep an eye on

BJ's Wholesale

( JCG).

J.Crew is apparently in talks with TPG Capital and Leonard Green in a deal that could near $3 billion,

Bloomberg

has reported. But, allegedly, Leonard Green has also made a bid for BJ's Wholesale, piquing some curiosity on which deal (if either) is actually in the cards.

According to several reports, TPG Capital and Leonard Green are close to an agreement with the specialty retailer to pay $43.50 per share in cash, which would be a 16% premium over J.Crew's closing price of $37.65 on Monday.

The chatter sent shares of J.Crew surging 21.6% to $45.77 in pre-market trading.

Earlier in the month, reports surfaced that Leonard Green made a bid for BJ's, and the wholesaler hired

Morgan Stanley

(MS) - Get Report

to facilitate a potential deal.

Leonard Green holds a 9.5% stake in the company, upping its holding earlier in the year. At the time, Leonard Green said shares of BJ's were undervalued and that it wished to chat with management about ways to enhance shareholder value.

"These discussions may include a 'going-private' transaction, new financings (potentially through mortgage financings or sale leaseback transactions) or other similar transactions," the private equity firm said at the time.

It is also estimated that BJ's, which has a market cap of $2.53 billion, could fetch as much as $3 billion in a deal.

Analysts have predicted that the likelihood of a BJ's takeover is high. "In our opinion, BJ's could be a high single-digit square-footage growth story that would command an above market multiple, particularly as it completes its infrastructure upgrade," Janney Capital Markets analyst David Strasser wrote in a note. "Additionally, BJ's has differentiated itself from Costco and Sam's Club by focusing on consumers vs. business customers."

But Wall Street Strategies analyst Brian Sozzi, who also believed a deal was probable, is now questioning whether or not Leonard Green's big for BHJ's ever really happened.

"I am closely watching BJ's Wholesale shares today for the 'tell,'" he wrote in a note.

Shares of BJ's have little activity before the bell.

--Written by Jeanine Poggi in New York.

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Jeanine Poggi

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