Health insurer Aetna Inc is looking to sell its pharmacy benefits management (PBM) business, the Wall Street Journal said, citing several people familiar with the matter.

Bankers at Bank of America-Merrill Lynch and Credit Suisse have been shopping around the business, the people told the paper.

The people identified CVS Caremark Corp and Medco Health Solutions Inc as potential buyers, the paper said.

The paper said Aetna's PBM business was also shopped to Express Scripts Inc which bought WellPoint Inc.'s NextRx pharmacy benefits business for $4.68 billion in April.

Aetna could not be immediately reached for comment by Reuters outside regular office hours.

(Reporting by Ajay Kamalakaran in Bangalore; Editing by Anshuman Daga)