The snack business, which is valued at around £500m, is also expected to attract interest from private-equity firms as well as other food companies.
The owners of United Biscuits - the US private equity firm Blackstone and the French buy-out firm PAI Partners - are expected to initiate the formal process of selling the salty snacks division in September.
The sale will be run by Credit Suisse, while the auction process is expected to involve two rounds of bidding, reported the Financial Times.
In March, it was reported that Blackstone and PAI Partners have been seeking to separate the salty snacks unit from United Biscuits' biscuit business, which owns the McVitie's brand.
United Biscuits, based in UK, was formed in 1948 following the merger of two Scottish firms McVitie & Price and MacFarlane Lang. It was bought by Blackstone and PAI for £1.6bn in 2006.
United Biscuits' snack business includes nearly 12 brands such as McCoy's potato chips, Hula Hoops, Mini Cheddars and KP nuts, while the rest of the business sells products including biscuits and cakes, representing nearly two-thirds of the company's sales.
The company has 11 facilities in the UK and posted revenues of £1.3bn, and a net debt of £1.14bn in 2010.
