May 10 (Reuters) - The owner of Ultimate Fighting Championship (UFC), Zuffa LLC, is in advanced talks to the sell the business, ESPN reported on Tuesday, citing sources.

The winning bid, should the deal consummate, is expected to value the leading mixed martial arts promotion company between $3.5 billion and $4 billion, ESPN.com said, citing multiple sources with knowledge of the matter. (http://es.pn/1OfWFJw)

At least four bidders have submitted bids for the business, including WME IMG Holdings Inc, China Media Capital, Blackstone Group LP and Dalian Wanda Group, the report said.

The leader in the bid is said to be Chinese conglomerate Dalian Wanda Group, the report added.

UFC is owned by brothers Lorenzo and Frank Fertitta of Station Casinos, a Las Vegas-based hotel-casino chain, via parent company Zuffa.

(Reporting by Natalie Grover in Bengaluru; Editing by Sandra Maler)