Dublin-based publisher Independent News & Media (INM), in cooperation with corporate finance group Lazard, is assessing the future of its flagship title, The Independent newspaper, which potentially includes its sale, the Telegraph reported today. However, the media group said that Lazard has not been given a "formal mandate" to sell the newspaper.

Sources close to the company said that the INM has had "one or two informal approaches" regarding the purchase of the paper. This inquiries are being fielded by the London based media strand of Lazard.

City banking sources revealed INM is set to make a formal appointment for an agent to sell both the Independent and the Independent on Sunday. The titles are said to have been losing £10m a year for some time, according to the Telegraph.

Telecommunications billionare, Denis O'Brien, a 26 percent stakeholder in INM, has pushed for the sale of the titles for a long time. However, former CEO Sir Anthony O'Reilly, INM's largest shareholder with 28.5 percent, has refused the sale, labelling the newspapers the company's international "calling cards."

However in a significant boardroom reshuffle in March, Sir Anthony was replaced by his son Gavin, the former chief operating officer. Other changes included the appointments of Leslie Buckley, Paul Connolly and Lucy Gaffney, all former staff of O'Brien, to the board.

Gavin O'Reilly is also president of the World Association of Newspapers' executive committee and board.