Japanese electronics giant Panasonic Corp will sell off three of its domestic semiconductor plants to Israel's TowerJazz, according to sources with direct knowledge of the situation. The said unnamed sources were cited in a report published by Reuters.

The troubled electronics firm is moving closer to the completion of its loss-making businesses' overhaul. The planned sale of the chip factories in Japan will happen as early as March.

On Wednesday, the sources said Panasonic is also discussing the sale of its five overseas chip factories to another firm. The said sources refused to be identified because the information is still not public, the report explained.

Meanwhile, Panasonic released a statement saying the company was considering various options for its chip business. However, the firm has not yet come up with a decision regarding the said business, Reuters reported.

TowerJazz is a manufacturer of integrated circuits for over 200 clients all over the world. The firm offers manufacturing services in Israel, Japan, and the US, according to the company's website.