NEW YORK ( TheStreet) -- Sara Lee ( SLE) is close to selling its North American bakery business to leading Mexico-based bread maker Grupo Bimbo, according to a Bloomberg report.

Sara Lee's bakery business could sell for $900 million to $1 billion, Bloomberg reports, citing two sources close to the negotiations.

Bloomberg reports that more details of the negotiations could be revealed as early as this week, the sources said.

The report also said talks could be delayed or canceled during the late stages of the negotiations.

Sara Lee was asking for more than $1 billion for the bakery business in October, lower than the $1.5 billion it was seeking when it initially explored a sale several months before, said Bloomberg. Also, the negotiations had been held up by disagreements over price and labor costs, the report said.

In mid-morning trading Monday, Sara Lee was flat, down 4 cents to $14.67.

-- Written by Andrea Tse in New York.

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