It currently holds a 34 per cent share in the company, which is the world's largest asset manager.
A source told the Wall Street Journal that the idea is at a preliminary stage, with no official decision on the divestment being made as yet.
The BlackRock stake was worth $9.2 billion at the end of the second quarter of 2010 - $800 million less than when Bank of America initially took it on in January 2009.
Bank of America is currently in the process of repositioning its balance sheet to withstand future economic shocks and stay onside with regulatory changes, meaning that it is assessing which of its investments are core and non-core to its business operations.
Last week, Jim Forbes, global principal investments executive at Bank of America, told Bloomberg that the financial institution is looking to make more direct investments in companies instead of placing money with private equity funds.
By Tony Aynsley