Chrysler has been negotiating with China’s Chery Auto for more than a year over a deal to source Chinese built vehicles for sale in the US. The deal was close to being pulled earlier this year when DaimlerChrysler announced that it was spinning off the American division but latest reports suggest that all is well and that we should see the deal finalized by the end of today.

Chrysler CEO Tom LaSorda is in China for the official signing, and has previously said that a new Chinese subcompact will fill a gaping hole in Chrysler’s US lineup. Chery also confirmed yesterday that it would make an announcement today, reports the Detroit News.

Under the new plans, Chery will likely build a new small car in China to be sold under the Dodge label for an estimated price tag of $10,000. Previous reports suggested that the car will be based on the Dodge Hornet concept car (pictured), which featured a supercharged 1.6L four-cylinder.