The designer - famed for his preppy all American look - is reportedly set to join forces with Silas Chou and Lawrence Stroll, the original investors of his self-titled label, to take a stake in the business.
While Tommy has refused to confirm speculation, he did say to WWD: "Anybody would be crazy not to invest in it. Michael Kors is the next major global player in my eyes."
'Project Runway' judge Michael - who is famed for his luxury sportswear - is reportedly hoping to raise $500 million to fund his global expansion plans by selling an equity stake of 25 per cent in his company.
Details of The Deal are set to be announced next month.
However, despite branching out Tommy has previously he loves everything about his job and wants to remain the principal designer because he gets so much joy from it.
He said: "I love the fact that no two days are alike for me. And I love that the collections can be different from the previous season. And you have the ability to invent and create, but still balance it with some logic.
"I also love the visuals, art, music. What I learnt is that athletes or models, maybe even actors, can't do what they do for life - but I can do this forever."