The move comes nearly a year after the department chain, which operated a large store in Westgate, went into admininistration.
Its collapse was followed by the creation of a new company, New Start 2020, which bought Beales name and website.
It also recruited the former Beales chief executive Tony Brown to launch a new store in Poole.
Now it is understood the company is looking at reopening the former Beales store in Westgate House in Peterborough in May.
The news follows hot on the heels of the announcement by John Lewis that it is to close its store in Queensgate putting 318 jobs at risk.