According to The New York Post, potential bidders include trade buyers Time Inc, Hearst, Hachette Filipacchi Media and venture capital firm Veronis Suhler Stevenson.
The division publishes Maxim, the lad's mag successfully exported to the US in 1997. Maxim has proved to be a big hit in the US, selling around more than 2.5m copies and outselling the US edition of FHM, which sells around 1.3m, and Men's Health, which sells 1.6m.
As well as Maxim, Dennis continues to publish gadget magazine Stuff in the US, having sold off its UK edition to Haymarket. Stuff sells around 1.3m.
Other titles that form part of the US business include music magazine Blender and the US edition of news digest The Week.
The New York Post suggested that Dennis may hold on to The Week.
In 2003 Felix Dennis told '60 Minutes' that he would consider selling some or all of the company to finance the creation of a 50,000 acre forest in England.
A Dennis spokeswoman dismissed the reports as rumour.
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