Unilever has put Colman's Mustard up for sale as the firm looks to offload the 212-year-old British brand.
The move is part of a landmark decision made by the firm to sell its food operations to McCormick Inc for $15.7bn (£11.6bn).
Unilever and the US food firm have directed bankers to find a buyer for Colman's amid concerns of existing competition in McCormick's portfolio, Sky News reported.
The American food giant owns French's Mustard – one of the biggest brands in the world, sources told the news outlet.
Investment bank Rothschild is said to have begun reaching out to prospective buyers to gauge who may want to buy the quintessentially British brand.
It is not yet known the exact amount Colman's will be sold for – however, sources described its value as 'not material' when compared to the wider deal as a whole.
The English mustard was first founded in Stoke Holy Cross, Norfolk, in 1814 by former flour miller Jeremiah Colman and was initially sold as a powder for people to mix into a paste.
In 1823, his nephew, James, who he adopted as he did not have children, joined the firm and it was rebranded as J&J Colman.
Seven years later, James's son, Jeremiah James, joined the company at the age of 17, and would go on to take over its mustard manufacturing in 1854, following the deaths of his father and great-uncle.
Two decades later, he moved the business to a larger factory in Carrow, Norwich, due to its better access to train links and the river for exports.
Unilever has put Colman's Mustard up for sale as the firm looks to offload the 212-year-old British brand
Advertising poster from the 1890s featuring cricket great WG Grace -one of the first advertising deals in sports history
A 1900s UK Colman's magazine advert is seen here. During the First World, the company guaranteed its employees their jobs on return from the war if they voluntarily joined up
One 20th century advert reads: 'To insure getting the best quality of mustard and the same as supplied to the Royal table ask for Coman's Double Superfine
History has never been so hot! Colman's Mustard celebrates 200 years on Britain's tables with fascinating archive of photos and adverts showing how it went from strength to strength
And in the 1880s, the popularity of the condiment went from strength to strength as it began to offer different types of containers.
During the First World, the company guaranteed its employees their jobs on return from the war if they voluntarily joined up. Those who did were paid five shilling a week, plus an extra one shilling per child while on active duty.
In 1938, the company merged with Reckitt & Sons to create the consumer goods giant Reckitt & Colman
In the Second World War, when Germany targeted historic English cities, including Norwich, the factory was hit during air raids and suffered serious damage.
Meanwhile, mustard escaped rationing during the war and was used by cooks to make bland wartime recipes seem more interesting.
In 1995, Colman's Mustard was sold to Unilever, which are now looking to sell the brand.
A Unilever spokesperson said: 'A decision has been taken to market the Colman's brand and assets to potential buyers in order to proactively seek to address potential competition concerns from the planned combination of Unilever Foods and McCormick.'
'Discussions are ongoing and the operations continue as usual.'