Wonder Bread might be making an appearance back on the store shelves. The company is a step closer in finding a new home after Hostess filed for bankruptcy and began to start auctioning its famous brands to the highest bidders.

Flowers Foods Inc., Georgia-based company has reportedly put the highest bid for the majority of Hostess Brands' business including Wonder, Butternut, Home Pride, Merita and Nature's Pride, including 20 plants, 38 depots and other asses, according to Bloomberg News.

The $360 million bid has been accepted and will be announced later Wednesday, according to a source familiar with the situation. Any sales would be subject to approval by the bankruptcy court and regulators on March 19.

Hostess products such as wonder Bread, Twinkies and others have not been produced since late November, when the company announced to liquidate the company immediately and lay off its nearly 19,000 workers following a crippling strike by the Bakery Workers Union.

Another Hostess Bread band, Beefsteaks, is to be auctioned Thursday, as it received a competing offer from Mexico's Grupo Bimbo against Flowers' $30 million bid.

Hostess has also picked opening bidders, known as a "stalking horse," for its iconic snack cakes, Twinkies on January 30. A joint $410 million bid by Apollo Global Management and Metropoulos & Co., two investment firms. Hostess CEO Greg Rayburn has said he expects that auction to be "wild and wooly."

McKee Foods Corp. in January was the leading bidder with $27.5 million for Drake's brand. Drake's products include Ring Dings, Yodels, Devil Dogs and Yankee Doodles, as well as its coffee cake. The deadline to submit competing offers isn't until mid-March.

Each of the bidders are an company with history of selling baked goods and other food products.