The self-made entrepreneur is expected to retain a 70% stake in the company and sell the rest to institutional investors.
Ashley had planned to float about half of the company and keep a smaller stake of between 49% to 51% but his plans changed late last week.
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Merrill Lynch, Citigroup and Credit Suisse have already conducted a premarketing roadshow in Britain and America to test the appetite for the float.
If the float does proceed, Ashley will retain an executive role as deputy chairman, while long-standing lieutenant Dave Forsey will be elevated from managing director to chief executive.
Sports World owns some of the best-known sportswear brands on the high street, including Kangol, Slazenger and Donnay.
It has shaken up the £3.6 billion sportswear sector, moving from third place in the UK to top spot in three years and taking a 25% share of the market. It runs a chain of 370 sports stores across Britain, including Lillywhites at Piccadilly Circus in London.
The flotation Of sportswear business Sports World is expected to be announced this week, delivering its owner Michael Ashley some £600 million.
