Yum! Brands of the US is looking to sell Pizza Hut UK, the chain of 380 restaurants and 320 delivery units with 16,500 staff.
The group is aiming to sell to a single buyer to create a 'master franchisee' for the chain. The majority of Yum! businesses, around 80%, are already run as franchises.
Pizza Hut has faced increased competition on the nation's high streets, from the likes of Domino's, rival chains, and more upmarket offerings.