Fortress House in Savile Row, which was built in 1950, is due to be pulled down by landowner Legal & General to make way for an Eric Parry office building on the site.
However, the AJ understands property developer the Raven Group has made a final 'improved' offer to buy the building, which it wants to convert into an 80-bedroom hotel.
Headed up by Anton Bilton, the group has worked on the scheme with American hotelier André Balazs and interior designer and conservation specialist Oliver Laws.
The latest, undisclosed offer from Bilton is believed to be the third to have been put to Legal and General. Previous bids in the region of £65 million and £85 million for the Gothic Revival building - which was surprisingly granted a certificate of immunity from listing - fell on deaf ears ( Last-ditch bid to save Fortress House goes unanswered).
Despite the renewed interest from the developer, Adam Wilkinson, from SAVE Britain's Heritage, says he is not hopeful for the future of the building.
He said: 'The asking price has gone up and it appears Legal & General have become rather greedy.
'This is a massive, firm offer rather than a speculative scheme and would do the best for that part of north Savile Row.'