Steve and Julie Pankhurst set up the in 2000 along with co-founder Jason Porter, giving online users the chance to contact long-lost sweethearts and schoolfriends.
The company has now become one of the UK's most successful new-media companies with more than 12m registered members.
The entrepreneurs are reported to have been holding discussions with corporate finance company Long Acre for the last few months, although this has not been confirmed.
The company increased profits by 27% last year on revenue of 拢8.8m. The three founders own around 85% of the firm.
In March 2003, the Pankhursts announced plans to keep hold of their business after several takeover approaches were made.
Instead, they opted to fund expansion through a management buy-in by hiring chief executive Michael Murphy, the former Financial Times executive, who also owns minority stakes in the company.
Friends Reunited acquired recruitment portal Top Dog Jobs in March and School Friends, a reunion site in Australia, New Zealand and South Africa in June 2004.
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