The publishing group is engaged in a consultation period with the magazine's staff, but has confirmed that it has received an expression of interest from Panini.
Evelyn Webster, managing director of IPC Connect, said: 'IPC has always followed a strategy of portfolio renewal through launch, acquisition and divestment when titles can no longer be given the investment that they need to grow.'
Mizz, which was launched in April 1985, has a circulation of 66,571, but has been suffering from sharp declines in both circulation and advertising revenue over the past year.
The teen magazine market as a whole has declined 18% year on year, according to the latest ABC figures.
Competing media, including the proliferation of online and multichannel TV, have been a particular challenge to publishers targeting teenagers.
Last year IPC closed Mizz stablemate 19 after it failed to halt a slump in circulation. Other titles are expected to follow suit.
Hachette Filipacchi suspended publication of Elle Girl this summer, while NagMags cut Cosmo Girl's frequency from a three-weekly to a monthly, with the loss of six staff (Marketing, 6 July).