Wish-Bone, being shopped by Goldman Sachs Group Inc, could fetch $400 million to $500 million in a sale, the sources said.
Other food companies, including Post Holdings Inc and Clorox Co, have passed on the deal, the sources said.
Goldman Sachs, B&G Foods and Pinnacle declined to comment. Unilever, Post and Clorox could not be reached for comment.
As Unilever looks to refocus on its personal care business, it is selling non-core brands like Wish-Bone.
In January, Unilever sold peanut butter company Skippy to Hormel Foods Corp for $700 million.
Wish-Bone was purchased by Lipton in 1958 from brand founder Phil Sollomi, according to the company's website. Lipton was acquired by Unilever in 1972.
