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The sporting goods chain intends to use the funding to refurbish a number of its stores and invest in a greater amount of high-end goods.
Pricing for the new shares could be under 25p, the Financial Times reports, meaning investors would be able to purchase them at a discount on the 34.5p price that stock in the firm ended trading at yesterday.
Harris Associates and Crystal Amber, the company's two main investors, are said to be supportive of the proposal and the news source noted that demand for the shares would be high.
The figure is double the amount that had been predicted by some analysts and is greater than the firm's current total market capitalisation of £86.5 million.
JJB Sports revealed widening losses at the end of last month.
It said the figure for the first six months of 2009 had increased to £42.9 million from the £14.8 million it recorded in the same period a year earlier.
