The deal would mean a start to production at the closed Longbridge plant in Birmingham.
The two companies still need to negotiate further before a binding contract is signed, committing both to British car production.
It is unclear how much GB Sports will be paying for the Austin-Healy brand.
Gordon Poynter, of GB Sports, said: “The talks are progressing well. We will obviously go public when we have got a firm plan together, but there is still some way to go.”