(Updated - January 29, 2020 7:15 AM EST)

Leslie Wexner is in talks to step aside as CEO of L Brands (NYSE: LB) and is exploring strategic options for Victoria's Secret, according to the Wall Street Journal, citing people familiar with the matter.

Talks are ongoing and could result in a full or partial sale of the lingerie brand. The company is looking to reach a decision on a potential deal and succession plans in coming weeks, the report said.