Diversified U.S. manufacturer United Technologies Corp
GE is in talks with more than one bidder for the unit, the person told the news agency.
Sources familiar with the situation told Reuters in August that GE put the business, which makes security cameras and alarms, for sale in an auction that could fetch about $2 billion.
United Technologies and GE could not be immediately reached for comment by Reuters outside regular U.S. business hours.
In April, GE sold a majority stake in GE Security's homeland protection business, which sells technology for airports, to Paris-based Safran SA
(Reporting by Ajay Kamalakaran in Bangalore; Editing by Lincoln Feast)