Simpson Thacher & Bartlett and Herbert Smith are in line to scoop the work advising Kohlberg Kravis Roberts (KKR), if it goes ahead with a multi-billion pound bid for Marks & Spencer (M&S).

Sources close to the US-based venture capitalist have indicated that the two firms would land the coveted role of advisers if it makes a bid for the company, which has a market capitalisation of £13.5bn.