According to a report in the Financial Times, the Finnish handset manufacturer has appointed Goldman Sachs to sell off the UK subsidiary, which makes luxury handmade phones.
A value has not been given to Vertu, but the company is reported to make annual revenues of between €200m (£170m) and €300m (£246).
Vertu phones are sold in the UK in Selfridges and Harrods, and at a boutique on Bond Street, London.
The most expensive handset it offers in the UK is its top-of-the-range Signature brand, which is diamond-encrusted and is priced at £59,000 and includes a concierge service, which can book restaurants for users at the touch of a button.
Nokia's overhaul of the business comes as the company attempts to catch up with competitors in the smartphone war.
Earlier this year, it struck a strategic partnership with Microsoft and recently launched two smartphones running on the Windows operating system.
Nokia did not respond to a request for comment at the time of publishing.
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