SoftBank Group Corp. is exploring alternatives including a full or partial sale or public offering of British chip designer Arm Holdings, which the Japanese conglomerate bought four years ago for $32bn, according to people familiar with the matter.

The review, on which Goldman Sachs Group Inc. is advising, is at an early stage, the people said. It isn’t known how much interest financial or industry players might have in Arm, and it is possible SoftBank will ultimately choose to do nothing.