While there is no active sale process for the $25bn Imaging and Printing Group (IPG), Mergermarket has quoted industry sources as saying that the sale of IPG would appear to be necessary to HP's transformation into an enterprise solutions company.

Earlier this month, HP chief executive Léo Apotheker said the company was looking into the future of its PC hardware division, which contributes nearly a third of revenues but operates on narrow margins.

This could result in it being sold or spun off as it finds itself caught between cheaper rivals from Asia and Apple taking market share for higher-end consumer devices.

Mergermarket claimed that HP could be willing to shed its IPG within two years of spinning off the PC business but would be likely to keep hold of the printing division during the next several years of transition.

HP was unavailable for comment at the time of writing.

In its third quarter results to 31 July, HP reported group revenues down 2% to $31.2bn.The company's printing division added $6.1bn (£3.7bn) to the IT giant's $31.2bn net revenues, down 1% year-on-year.

Sales of its commercial presses came in at $1.3bn for the quarter down 7% year-on-year and 10% sequentially, although hardware units rose 1%, and sales were marginally up for the nine months.