Sky News has reported that the company was given until Friday (13 July) to pay a c.£1m bill from Her Majesty’s Revenue and Customs (HMRC).
It is understood Gaucho does not have sufficient funds to cover the cost on its own.
Failure to find a buyer could see the group fall in to administration, putting around 1,500 jobs at risk.
When contacted today (16 June) a company spokesperson declined to comment on whether a deal had yet been struck.
He said: “We have been managing our cash tightly as we near completion of the options process.
“We remain confident that the Gaucho business will emerge from this process on a more stable footing.”
Gaucho appointed advisers KPMG to assess its options for the 22-strong CAU chain in May following two years of double-digit declines in like-for-like sales.
It was later reported that the group was considering a sale of its entire business, including its 16 Gaucho branded restaurants.
Gaucho’s founder, Zeev Godik, stepped down in 2017 after 41 years leading the company. He opened the first Gaucho in Amsterdam in 1976 and the group made its London debut in 1994.
He was replaced in January by Oliver Meakin, former boss of Maplin Electronics, which itself fell in to administration in February.