Danone SA is in early talks over a possible deal to sell its bottled-water business that includes the Evian brand to Japanese beverage firm Kirin Holdings Co. Ltd., the Wall Street Journal reported Tuesday.

Other possible suitors for part or all of the business include Suntory Holdings Ltd. and Asahi Breweries Ltd., and the business could fetch between $5 billion and $7 billion if sold in its entirety, the report said, citing people familiar with the matter.

Representatives for Danone declined to comment. Kirin was not immediately available for comment.

Danone is unlikely to agree to a deal unless it gets a rich offer and it's quite possible there will be no deal, the report said.