According to Business Week.com, at least two private-equity firms have formed to consider bids for HD Supply, the wholesale distribution arm of Home Depot. Even though Home Depot Chief Executive Frank Blake says the company has not decided yet whether to “sell or spin off” the division, Wall Street says an eventual sale could bring in $10 billion for the company.

The Financial Times newspaper first reported the teams: 1) Bain Capital, Carlyle Group and Clayton Dubilier & Rice; and 2) Blackstone Group, Kohlberg Kravis Roberts & Co., Leonard Green & Partners and the Texas Pacific Group.

A third team possibly considering a bid, the Times says, includes Thomas H. Lee Partners, the buyout unit of Goldman Sachs Group Inc., and CCMP (the former private-equity arm of JPMorgan Chase & Co.).

First bids are expected no earlier than mid-March, and the teams could change.

Business Week.com also reports that several analysts returning from Home Depot’s investor conference are confident that HD Supply will be sold, and that COO Joe DeAngelo, who also oversees HD Supply, will go with HD Supply.