NEW YORK (CNN/Money) - A buyout group led by Texas Pacific Group is still the front runner to buy Burger King and Diageo Plc could pick the winner as soon as Wednesday, persons familiar with the auction told CNN/Money on Tuesday.

Diageo, which has said it plans to reveal the winning bid in July, is nearing a sale of the unit. An announcement may come later this week or slip to the following week, a person said.

"We continue to work our way through the process," a Diageo spokesman said, and declined further comment.

The Texas Pacific-led group, which includes Bain Capital and Goldman Sachs Capital Partners, has maintained its lead position to buy the "Home of the Whopper," persons said.

TPG has talked to Burger King's CEO, John Dasburg, the former head of Northwest Airlines, and the firm has been working with the National Franchise Association, which represents 1,200 Burger King franchises in North America. Bain also has ample restaurant experience since it is majority owner of Domino's Inc.

Texas Pacific Group also secured financing from J.P. Morgan Chase and Citigroup, sources have said.

"Texas Pacific has retained its lead," a person said.

London-based Diageo, the world's largest liquor company whose brands include Johnnie Walker Scotch and Guinness beers, put Burger King on the block in April. Nearly two years ago, Diageo said it planned to separate the unit and was considering offering shares in an initial public offering.

Miami-based Burger King, the world's second-largest burger chain behind McDonalds, has 11,435 restaurants in 57 countries and territories. The food franchise was part of the Pillsbury business that U.K. food and drink company Grand Metropolitan PLC bought in 1989, and became part of Diageo when GrandMet and Guinness merged in December 1997. Diageo, as part of its strategy to focus on its more profitable alcoholic beverage business, completed the sale of its Pillsbury unit to General Mills for $5.9 billion late last year.

Diageo retained Greenhill & Co., a New York-based investment bank, to manage the auction.

Diageo did receive separate offers from Triarc, parent of Arby's restaurants, and a team led by Hicks, Muste, Tate & Furst. The real competition came from a group that included Blackstone Group, Thomas H. Lee Partners and Madison Dearborn Partners, persons said.

Offers for Burger King were expected to range between $2 billion and $2.5 billion. But the proposals reportedly hovered at around $2 billion and Diageo directed the teams to increase their proposals.

Blackstone pulled out a few weeks ago when Diageo wanted more money, a person said.

Burger King could not be reached for comment. Texas Pacific, Bain Capital, Blackstone and Thomas H. Lee each declined comment. Triarc could not be reached for comment.