Wne company Yealands is in talks with potential buyers, according to the Australian Financial Review.
Yealands is owned by Marlborough Lines, which bought 80 percent of the company in 2015 for $89 million, and the remainder over the following two years.
The AFR reported Marlborough Lines was working to bring in Australian winemakers and private equity firms to assess the company.
It comes after the lines company announced in August that it was looking for a "strategic partner" for the winemaker to "accelerate growth".
A number of Australians have had "an early look", according to the AFR, including industry players and private equity.
Marlborough Lines is owned by Marlborough Electric Power Trust, with options about Yealands still being assessed, the report said.
Marlborough Lines has been approached for comment.
In August, Marlborough Lines said the move to find a strategic partner would maximise the potential of Yealands, particularly offshore.
"Yealands has a valuable asset base, which has grown by $100 million since 2015 when we first purchased it. It has excellent growth prospects, with strong management and governance.
"We would expect any new partner to enhance the business and the interests of the region, maintaining stability and minimising any disruption," Marlborough Lines chair Phil Robinson said at the time.