NAL Resources Management Ltd, a unit of insurer Manulife Financial Corp , Cona Resources Ltd and Spartan Energy Corp are among other suitors to place final bids, the people added, declining to be named as the matter is not yet public.
Whitecap is the front runner for the asset, one of the people said.
No deal has been reached yet, the people said.
To finance the acquisition, Whitecap is looking raise about C$700 million through a share sale, and fund the rest through debt, the people said.
Cenovus spokeswoman Sonja Franklin declined to comment. Whitecap, NAL, Cona and Spartan did not immediately respond to requests from Reuters seeking comment.
Located in southern Saskatchewan, the Weyburn oil operation is attractive because of its light oil output and low-decline, long-life characteristics.
(Reporting by John Tilak in Toronto, David French in New York and Nia Williams in Calgary; Editing by Denny Thomas and Leslie Adler)