The Wall Street Journal reported Monday the electronics chain plans to file for bankruptcy protection this week.
Bloomberg News said the company might sell half its stores to Sprint and shutdown the rest, meaning the end of the RadioShack brand.
Company executives did not respond to the Bloomberg News report.
Multiple reports also indicated the New York Stock Exchange would suspend trading in RadioShack and delist the stock.
RadioShack received emergency financing from a hedge fund in October. Its stock price was down 90 percent over the past year.
Dr. Thomas Moeller, a professor from TCU's Neeley School of Business, told FOX 4 the bankruptcy process can be very fluid.
At any given time, the deals could change and another company or investor could come in and save the day for RadioShack, but so far, that doesn't appear likely.