Two sources familiar with the matter said the unit has been valued at more than $2bn (£1.65bn, €1.8bn), while rival news source Bloomberg reported that the assets could be worth between $3-4bn.
But there is no guarantee that a sale will take place.
Potentially on the table
Aviva has six Asian businesses, which operate in China, Hong Kong, India, Indonesia, Singapore and Vietnam.
Singapore and Vietnam are the only wholly-owned operations.
A spokesperson for Aviva declined to comment on the speculation when contacted by International Adviser.
If the Asia business is sold, it would leave Aviva with operations in the UK, France, Canada, Poland, Italy, Ireland and Turkey.
Friends Provident International
The move would be another substantial change to Aviva’s operations, following the protracted sale of Friends Provident International to RL360, which was first announced in July 2017.
Speculation has mounted that the deal could be scuppered by the Hong Kong regulator, but there has been no official confirmation from any of the parties involved.
The latest update was that the sale is progressing.