Twitter paid £1.24m UK tax in 2015
Twitter will be sold off by the end of October Getty Images

Twitter is working on concluding negotiations around a potential sale by 27 October, in time for its third-quarter earnings report, Reuters sources have revealed, adding that this does not mean a sale is guaranteed.

Twitter expects binding acquisition offers to be submitted within the next two weeks. Reports from industry insiders put, Google's Alphabet, and Walt Disney Co. in the running for bids. However, Recode sources have said that neither Alphabet nor Disney would not be bidding.

Twitter and Salesforce declined to comment, while Disney and Alphabet did no respond to requests from Reuters.

Although Twitter boasts a userbase of 313 million average monthly active users, the company has struggled to generate revenue growth and profit in the last year.

Even after the company included new features to enhance user experience, such as moments, altered timeline, adjustment of the character limit and more, its user base has more or less remained stagnant through the last six quarters.

Twitter's closest rivals, Facebook's Instagram and Snapcha,t both boast of more users than Twitter, even though they entered the social media market later. More significantly, ad revenues have been significant for these platforms, something Twitter has failed to replicate.

Note: This article was corrected to reflect Twitter wants binding acquisition bids to be completed by the end of OCtober.