Masters opened in Canberra in 2012 with 150 staff, and hired 7700 nationally.
In August last year, Home Consortium announced the acquisition of 61 Masters properties and indicated a number would be repositioned as Bunnings centres rather than developed as Home Consortium Centres.
At the time, Bunnings acquired 15 Masters sites, however it did not confirm whether the Canberra store was among them.
Bunnings property general manager, Andrew Marks said the company was working to finalise an agreement for the former Masters site.
Mr Marks said if successful, there would be necessary conversion works to reformat the store ahead of Bunnings moving into the site.
He was not able to given an opening date.
Bunnings has a total of 326 stores across Australia, four of which are in the ACT: in Fyshwick, Gungahlin, Belconnen and Tuggeranong.