One of the best known names in the leisure world is up for sale, according to Sky.
The owner of David Lloyd Leisure, one of Britain's biggest upmarket health and racquet sports chains, is preparing to listen to offers of more than £2bn, the report said.
TDR Capital, which has owned the business since 2013, has engaged bankers from Morgan Stanley to work on a review of its strategic options, it said.
TDR is thought to have paid around £750mln for David Lloyd although financial terms weren't diclosed at the time.
David Lloyd trades from approximately 150 clubs, and is said to be trading extremely well despite growing leisure industry concerns about the impact of the cost of living crisis.
Possible suitors are seen as large buyout firms.
Meanwhile, the FTSE 100 is stuck in a tight range around its opening levels.