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Jan 3 (Reuters) - Health insurer Cigna Group (CI.N) is in exclusive talks to sell its Medicare Advantage business to Health Care Service Corp (HCSC) in a deal that could value the unit between $3 billion and $4 billion, a source familiar with the matter said on Wednesday. Health insurer HCSC, a Blue Cross Blue Shield licensee in five U.S. states, said it does not comment on "rumor or speculation". Shares of Cigna fell about 2% on the news and the company did not immediately respond to a request for comment.

The deal is expected to be announced in the coming days, if the talks do not fall apart, according to the source.

A sale could mark a change in Cigna's strategy for the Medicare Advantage segment, through which it manages government health insurance for people aged 65 and older.

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