According to press reports, the insurance group is said to be considering the sale, to be worth around £200m.
Fenchurch Advisory Partners has been appointed to consider the options for the insurance firm.
In October last year, Barclays agreed to acquire Standard Life Bank in a deal worth £226m.
Under the terms of the transaction, Barclays acquired a savings book of approximately £5.5bn, as at June 30, 2009, and a mortgage book with outstanding balances of approximately £8.8bn, as at June 30, 2009, with an average indexed loan to value ratio of 48 per cent.
A Standard Life spokesman says: “We do not comment on rumour or speculation.”