A woman walks in front of the Subway sandwich shop in Santa Ana, California on August 8, 2019. (APU GOMES / AFP)

Sandwich chain Subway is exploring a sale of its business, a source told Reuters on Wednesday.

In 2021, media reports said Subway was tidying itself up for a sale, but the restaurant chain had denied it

The sale could value the sandwich chain at more than $10 billion, the Wall Street Journal first reported.

The process, which is at an early stage, is expected to attract potential corporate buyers and private-equity firms, the report said, adding that it is possible there won't be a sale or other deal.

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"As a privately held company, we don't comment on ownership structure and business plans," a company spokesperson told Reuters in an emailed statement.

Subway, one of the world's largest quick-service restaurant brands, has more than 37,000 restaurants in over 100 countries. The Milford, Conn.-based company, known for its foot-long sandwiches, has been owned by its two founding families for more than five decades.

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In 2021, media reports said Subway was tidying itself up for a sale, but the restaurant chain had denied it.