Oct 4 (Reuters) - Emerson Electric Co is in talks with U.S. buyout firm Blackstone Inc to sell a part of its commercial and residential solution business assets, Bloomberg News reported on Tuesday citing people familiar with the matter.

The deal, that could be valued between $5 billion and $10 billion, would depend upon how much of the portfolio changes hands, the report said, adding that no final decision has been made and the discussions could fall through.

Blackstone and Emerson Electric declined to comment.

The report comes amid weakening of the housing market due to the U.S. Federal Reserve's aggressive monetary policy tightening, marked by oversized interest rate hikes.

The manufacturing giant has reshuffled its business across segments and geographies in the recent times after announcing an $11 billion merger of its software units with rival Aspen Technology Inc last year.

Last month, Emerson Electric announced that it would sell its Russian business to the local management team for an undisclosed amount. Meanwhile, the company said in August that it would sell its InSinkErator unit to Whirlpool Corp for $3 billion. (Reporting by Anirudh Saligrama and Rittik Biswas in Bengaluru; Editing by Sherry Jacob-Phillips)