The deal could still fall apart, those sources said.
Jones has been actively seeking an acquisition that would give it more international presence and expand its reach further in the high-end market.
Kurt Geiger operates department-store concessions in major retailers such as Harrods and Selfridges and also has its own stable of brands.
The two companies have been partners since 2009, when Kurt Geiger began distributing Nine West in the U.K. market. When that deal was inked, Jones CEO Wesley Card and Kurt Geiger CEO Neil Clifford said the relationship had potential for expansion in the future.
Jones has been rapidly building its footwear portfolio, acquiring Stuart Weitzman last year and inking a deal with Brian Atwood for a new line, set to roll out this fall.