Austrian-based drink giants Red Bull and German investment company KW 25 currently own the promotion group.
According to Reuters sources, the owners have enlisted JPMorgan to prepare for a potential sale.
The company could formalise a sale this year and it is hoped the business could fetch more than $800 million (EUR 500 million).
Underpinning the sale are earnings before interest, tax, depreciation and amortisation (EBITDA) of $32 million (EUR 20 million).
Reuters sources said the discussions were in their infancy and did not guarantee the business will be put up for sale.
The sale comes at a time when motorsport properties and associated TV rights are a hot commodity.
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The most high-profile transaction of the last decade saw F1 sold to Liberty Media in 2016.
The world championship has enjoyed a massive uptick in interest as a result.
Liberty Media is set to add MotoGP to its portfolio with an acquisition of Dorna Sports worth $6.6 billion (4 billion EUR) that could be finalised this year.
In 2019, the IndyCar Series and the Indianapolis Motor Speedway were acquired by Penske Corporation.
Liberty Global this year acquired a major stake in the FIA Formula E World Championship.
In 2022, the Supercars business was sold to a joint venture dubbed Racing Australia Consolidated Enterprises Ltd.
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