The assets could be valued at about 10 billion euros ($13.5 billion), sources said. Fox owns a 39% stake in BSkyB.
The proceeds could give Murdoch additional cash for a Time Warner bid without having to borrow more, Bloomberg noted.
Shares of Twenty-First Century Fox are flat in pre-market trade.
Must Read: Warren Buffett's 25 Favorite Growth Stocks
TheStreet Ratings team rates TWENTY-FIRST CENTURY FOX INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate TWENTY-FIRST CENTURY FOX INC (FOXA) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, attractive valuation levels, increase in stock price during the past year and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income."