JPG magazine, which was declared dead less than a week ago, is most definitely for sale and it looks like a transaction will close shortly.

Twenty or so potential buyers have expressed interest, say our sources, including Flickr (a natural fit because the photos published by JPG Magazine are submitted by readers), Smugmug and Alexander Muse. WordPress also expressed early interest, we’ve heard, although they’ve pulled out of the bidding.

It’s unclear how much it’ll take to get the JPG Magazine assets, but our understanding is that 8020 Media, the company behind the publication, is fielding cash offers only and is being fairly successful in getting a bidding war going.

Fans are going to want to see this end up at Flickr.