The sale of PowerBar, whose products can be bought in health food shops in the UK, could fetch several hundred million dollars, Reuters claimed.
Nestle declined to comment.
The brand, which is believed to generates around $ 175m in revenue, was founded by Brian Maxwell, a Canadian athlete and entrepreneur.
Nestle bought it in 2000 for an undisclosed price, though some media reports pegged it at $ 375m. The brand now includes a range of energy bars, sports drinks, gels and protein supplements but is facing increasing competition from rival brands.
Nestle, based in Vevey, Switzerland, sells everything from baby formula, bottled water and coffee to ice cream, chocolate bars and pet food. The once best-in-class company has stumbled lately, and missed sales forecasts in the first half of 2013 and trimmed its full-year target.
Its results have disappointed investors for several straight quarters, with second-quarter figures suggesting a sharp slowdown to the lowest sales growth in over three years.
The company said it was “actively looking” at its 8,000 brands for laggards. In addition to PowerBar, other possible candidates for pruning could include Jenny Craig diet centers and Lean Cuisine frozen meals, analysts have said.
(Edited by Andrew Trotman)