Constellation Brands Inc. is close to selling most of its non-U.S. wine portfolio, the Wall Street Journal reported, citing people familiar with the matter.

A deal for the business could come this week, the paper said, if it does not fall apart at the last minute. With operations in Australia and Britain, the sale could fetch between $300 million and $400 million, the paper said.

It also reported that Brown-Forman Corp. has put its wine business up for sale and hired Rothschild to run an auction, citing people familiar with the matter.

A Brown-Forman spokesman declined to comment, citing a company policy not to discuss rumors or speculation about deals. Constellation could not immediately be reached.