The agency is expected to fetch more than $2 billion, sources told the Wall Street Journal.

Private equity firm Forstmann, which bought IMG for $750 million in 2004, has asked that initial bids be submitted by mid-September.

The sale has been long anticipated, following the death of Forstmann Little co-founder Theodore Forstmann in November 2011.

Potential suitors include Creative Artists Agency and WME, according to the paper.

Sources told WSJ that CAA has backing from private equity investor TPG and is working with boutique investment bank LionTree Advisors and UBS AG.

It’s been speculated that, for TPG, a marriage of IMG with CAA could create a company attractive in an eventual sale or public offering, according to WSJ.

IMG, under Forstmann, represents athletes, fashion models, musicians and photographers as well as marketing, athlete training and media.