The sale of Saga Radio is likely to attract bids from major UK media groups including Chrysalis and Guardian Media Group.
The network attracts about 900,000 listeners a week with its mix of news, talk and music. Its over-50s demographic should appeal to radio owners such as Chrysalis, which owns stations including Galaxy and Heart.
GMG, which owns Smooth FM, is also likely to be interested because it already handles some of Saga FM's regional sales. The over-50s market is a lucrative one and is estimated to hold about 80% of the nation's wealth.
According to a report in the Sunday Telegraph, the sale is being handled by KPMG Corporate Finance, and could raise up to £100m.
Saga Radio comprises stations in London, Glasgow, the North-East of England and the Midlands.
Saga Group is owned by private equity firm Charterhouse, which is believed to be planning a £2bn flotation of the entire over-50s brand, including the iconic magazine.
Since Charterhouse acquired Saga in 2004 for £1.35bn, revenues have doubled to £132m in the year to January.
Last week, it was reported that Saga is planning an overhaul of its brand. It has hired communications agency Doner Cardwell Hawkins to make the brand more relevant for its customers.
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