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The review, on which Goldman Sachs Group is advising, is at an early stage, the report said, citing people familiar with the matter.
SoftBank acquired Arm for $32 billion in 2016, its largest-ever purchase, in part to expand into the internet of things, which connects everyday devices from traffic signals to refrigerators to the internet.
Last month, the Japanese conglomerate unveiled a series of transactions to divest more than $21 billion worth of stock in U.S. wireless carrier T-Mobile US, as it seeks funding for a $41 billion share buyback and debt reduction plan.
SoftBank did not respond to a Reuters request for comment outside regular business hours.
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