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In a statement, Petrobras said the proposed sale forms part of its five-year business plan, which forecasts up to US$11bn in divestments.
Gasmig holds exclusive distribution rights for piped natural gas in Brazil's southeastern state of Minas Gerais.
According to Petrobras, the distributor transports 4.1Mm3/d of gas via an 850km pipeline network.
The deal would represent Petrobras' second major sale to Cemig in the past year.
Last October, a joint venture comprising Cemig and Renova bought Petrobras' 51% stake in hydroelectric generator Brasil PCH for US$310mn.
BNamericas will host its fourth LatAm Power Generation Summit in Santiago, Chile, on August 13-14. Click here to download the agenda.