Private equity firm Forstmann Little & Co. has announced its decision to sell its sports and modeling talent agency IMG, which could generate over $2 billion in sale.

Sources from the equity firm said that the company is now in search for an investment bank to lead to move in looking for the potential buyer.

People familiar with the matter disclosed that several well-known investment banks are in competition to be selected in running the auction of the said talent agency. They include JPMorgan, Morgan Stanley, Goldman Sachs Barclays, LionTree Advisors LLC, The Rain Group and Perella Weinberg Partners.   

Sources added that big entertainment players such as William Morris, Lagardere and Creative Artists Agency as well as billionaires and private equity companies may get interested in the sale.

Purchased by Forstmann in $750 million deal in 2004, IMG operates numerous sports leagues and represents popular individuals such as supermodel Gisele Bundchen and tennis player Novak Djokovic.

The selection of the investment bank is expected to end in March 2013, sources revealed.