Northcliffe, which publishes around 100 local papers including the Bristol Evening Post and the Leicester Mercury, had been under the microscope since the summer following what DMGT bosses said would be a programme to improve "operational efficiency".
But the business could be offloaded entirely after DMGT told the City today that it had appointed financial advisors Greenhill & Co to assist in a potential sale of the group.
DMGT said: "The Board has now identified the potential for further restructuring of the business.
"Given the strategic importance of Northcliffe within the regional newspaper industry, it has also decided to explore whether greater shareholder value can be achieved through a sale of the business."
Northcliffe is on the biggest regional newspaper groups in the country and sits alongside Trinity Mirror, Newsquest and Johnston Press in the top four.
The group said it remained "fully committed" to the future of Associated Newspapers, publishers of the Daily Mail, Mail on Sunday, London Evening Standard and Metro.
Meanwhile DMGT announced adjusted pre-tax profits of £253.4m in the 12 months to October this year, up 8% on the previous period.
Revenues across the group increased by 1% to £2.1bn.
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