Simon & Schuster has more than 36,000 titles across adult, children, audio and international categories.
Timing is always fluid but a deal could be announced as early as today.
Paramount will report second-quarter earnings this afternoon.
Simon & Schuster headquarters in ManhattanSimon & Schuster
Its the second deal for the storied publisher.
A transaction with KKR wouldnt face the same hurdles.
HarperCollins, which is owned by Rupert Murdochs News Corp., was also a suitor.
It has also been also entertaining offers for a stake in BET.
KKR has $510 billion in assets under management.
