(Reuters) - German chemicals and crop pesticides firm Bayer AG (>> Bayer AG) is exploring the sale of its dermatology business to push forward its deal with Monsanto Co (>> Monsanto Company), Bloomberg reported, citing sources.

Bayer is working with JPMorgan Chase & Co (>> JPMorgan Chase & Co.) on the sale, which could fetch more than 1 billion euros ($1.12 billion), the report said. (http://bloom.bg/2cGiTXB)

Bayer said on Monday it was willing to offer more than $65 billion, a 2 percent increase on its previous offer for the world's largest seeds company Monsanto.

The dermatology business could attract interest from existing makers of skincare products including Nestle SA's (>> Nestle SA) Galderma, Allergan Plc (>> Allergan, Inc.) and Almirall SA (>> Almirall SA), as well as private equity firms, according to the Bloomberg report.

Bayer and J.P. Morgan were not immediately available for comment.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)