US food giants Kraft Heinz and Mondelez International have been short-listed to participate in the second round of Campbell Soup's auction of its international business, say insiders.

The development boosts Campbell Soup's chances of divesting its international portfolio, which includes its Australian biscuit brand Arnott's, in one deal, two sources said on Sunday.

Both Kraft Heinz and Mondelez are interested in the assets so they can expand their global footprint. Based on the first-round bids received, Campbell Soup could fetch close to $US3 billion for its international business, sources say.

It is understood private equity firms Bain Capital LP, KKR & Co and FinTrek Capital Hong Kong also made the shortlist to participate in the second round of the auction.