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The next operator of the UK National Lottery is in talks to buy the incumbent, Camelot, in a £100m deal that would pave the way for the removal of the latter’s final legal challenge against the industry regulator.

Allwyn Entertainment is in advanced discussions with Camelot’s Canadian owner about a takeover of its UK operations. The surprise deal would result in Allwyn controlling the company it will replace as the National Lottery operator in February 2024.

Sources said an agreement could be struck in the coming weeks and was likely to see Allwyn paying in the region of £100m to acquire Camelot’s UK arm.

The Gambling Commission, which oversaw the awarding of the new licence earlier this year, is understood to have been informed about the discussions.

If completed, the deal would give Allwyn access to Camelot’s UK earnings roughly a year before it surrenders control of the franchise it has held since the National Lottery launched in 1994.

Crucially, it would also trigger the withdrawal of Camelot’s outstanding legal challenge against the regulator over the decision to replace it with Allwyn in 16 months’ time.