The tower above Aldgate East station was a victim of the credit crunch and has stood still since October 2008.

The Enquirer revealed last week that the owners were in talks with a “UK national house builder” who had signed a conditional deal to take on the tower.

The Times reported over the weekend that Redrow is the firm currently in negotiations with the owners.

Guernsey registered Julius Properties Limited owns the tower and has set a February 22 2012 deadline for the house builder to finalise the deal.

The tower became a powerful symbol of the construction credit crunch and has already passed through the hands of several owners.

The original developer was the Foundation Group which has managed investments into property for a host of footballers and TV stars.

J Reddington has built the concrete frame to the eleventh floor and other contractors hit by the suspension of work include Cubitt Building & Interiors.

A tower crane from London Tower Crane Hire has also sat idle on the job for nearly three years.

The Aldgate area is now proving popular with house builders due to its proximity to the Square Mile.

Barratt has just started work on a £100m residential tower on Alie Street while Berkeley is clearing the former Royal Bank of Scotland cheque clearing centre site to make way for a new £1bn mixed-use scheme.