Eurocom is being "forced to make wide-ranging redundancies today", a report has claimed.
GamesIndustry.biz claims that a "large number" of staff will be laid off at the Derby-based developer today, although it isn't known exactly how many staff will be affected.
"Hundreds of employees" are said to work for the studio, which was founded in 1988. Games Industry states that an official announcement is expected soon.
The studio developed last month's poorly-received 007 Legends and 2011's GoldenEye 007 Reloaded, and has acted as a work-for-hire studio for multiple publishers.
As well as developing multiple titles in the James Bond universe, the studio was responsible for - amongst others - Dead Space: Extraction, Mortal Kombat 3, Disney Universe and PS1 party game Crash Bash.
Today's expected action echoes that of Bizarre Creations last year. The studio was shuttered after the release of James Bond title Blood Stone.