The first bids for MGM are expected to be submitted in the next few weeks, VARIETY reports.

The studio, which put itself on the auction block Nov. 13, has already received non-disclosure agreements from potential bidders. More than 20 NDAs were sent out last month to bidders seeking more insight into MGM's books.

MGM's sale is not a foregone conclusion as the studio could recreate itself as a standalone company or form a new partnership if its 140 debtholders agree to whatever plan takes shape.

MGM only released one film this year, but has a library of more than 4,000 titles. Its assets alone are expected to garner up to $2 billion.