Calling it the end of an era might be a bit of an understatement.

IBM

(IBM) - Get Report

is reportedly ready to exit the PC business, having long lost its dominance in the arena.

The sale is expected to fetch $1 billion to $2 billion, according to a Friday report in

The New York Times

, which said a deal is likely to include all of IBM's desktop, laptop and notebook computers.

The report said

Lenovo Group

, China's top PC company, is among the interested bidders.

For some time now, IBM has been focusing on computer services and the business end of the market and is a distant No. 3 to industry leader

Dell

(DELL) - Get Report

.

Hewlett-Packard

(HPQ) - Get Report

is the other major player.

IBM shares rose $1.94, or 2%, to $97.70 in premarket trading.