Cenovus had received multiple bids for the Pelican Lake asset including from companies such as Canadian Natural and ARC Financial Corp, Reuters reported earlier in August, citing people familiar with the matter.
Canadian Natural advanced to the final round of bidding alongside Cona Resources Ltd for the asset, Bloomberg reported, citing people familiar with the matter.
The transaction, which has yet to be finalized, could be reached as early as next week, Bloomberg added.
Canadian Natural declined to comment on the report, while Cenovus and Cona Resources were not immediately available outside regular business hours.
Cenovus is looking to sell parts of its portfolio to pay off debt used to part-fund its C$16.8 billion purchase of some ConocoPhillips assets in May.
The Calgary-based company said in July it expected asset sales could fetch more than C$5 billion by the end of this year.
(Reporting by Ismail Shakil in Bengaluru; Editing by James Dalgleish)