Hostess Twinkie could be making a comeback

The indestructible Twinkie appears to be one step closer to a comeback.

Hostess Brands is close to announcing that it has picked two investment firms - C. Dean Metropoulos & Co. and Apollo Global Management - as the lead bidders for its Twinkies and other snack cakes, according to a source close to the situation.

Read: Hidden Sugars: Sweeter than a Twinkie?

The joint "stalking horse" bid would set the floor for an auction process that lets competitors make better offers. A judge would have to approve any final sale.

After years of management turmoil and turnover, Hostess declared it was going out of business and selling its brands in November.

Hostess has already picked separate lead bidders its Drake's cakes and breads, which include Wonder.

SLIDESHOW: Hostess snacks through the years