Without naming the prospective buyers and sharing any details about it, ZEEL informed stock exchange BSE that its discussions are at an advance stage.
The company also did not provide any financial details about the proposed sale.
"We are at an advance stage of discussions for the sale of the sports business with potential buyers," Zee Entertainment Enterprise informed the BSE.
Meanwhile, it also added that due to "owing to confidentiality provisions, the company is unable to comment on specific details or timeline".
ZEEL's response came while replying to a query from the BSE over some media reports suggesting that rival broadcaster Sony Pictures Networks India was likely to buy Ten Sports in a deal estimated to be around Rs 2,000 crore.
It had bought Ten Sports from Dubai-based Abdul Rahman Bukhatir's Taj Group in 2006.