LONDON (Reuters) - Drinks group Diageo (DGE.L: Quote, Profile, Research) is expected to announce plans this week to close part of its historic Guinness brewery site in Dublin and sell the land for redevelopment, the Times reported on Monday.

The company launched a review last June that valued the St James's Gate property, where it has been since 1759, at up to 1 billion euros (785 million pounds), the newspaper said.

Diageo is expected to keep Guinness Storehouse, a popular tourist attraction, and enough land to production of the beer extract at the site, the newspaper reported.

No one at Diageo was immediately available for comment.

(Editing by Quentin Bryar)