News of the sale comes after months of denials from Trinity Mirror, which also publishes The Mirror and Sunday Mirror newspapers as well as a string of regional papers, that the Sunday People was to be sold.
In a sale document currently being circulated, it is understood that Trinity wants to sell the paper but hang on to the printing and distribution rights.
The move comes as Joe Sinyor, a former Sony and Dillons executive who joined Trinity Mirror 18 months ago, unveils a new strategy for the group. The decision to sell the paper comes as its circulation continues to decline and has now fallen as low as 1.3m.
The sale will allow Trinity to focus on its main Sunday paper the Sunday Mirror, which competes directly with the Sunday People. While the Sunday Mirror has, at 1.6m, a larger circulation, the People is strong in the north of Britain.
For a long time, the positioning of the two Sunday tabloids was very close, but in recent months there has been a move to distinguish more clearly between the two. The Sunday Mirror, like its daily sister title, is moving more upmarket, while the People has been moved closer to its downmarket rival, the News of the World.
There are thought to be a number of buyers interested in acquiring the title, including Express Newspapers owner Richard Desmond. He is thought to have previously approached Trinity with an offer, but was turned down.
Last week, it was revealed that the Mirror was set to continue its move upmarket by dumping its red-top masthead, which has long been the mark and defining look of the downmarket tabloid press.
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