DaimlerChrysler is rumored to be talking with General Motors about a possible sale of the Chrysler group, according to the Detroit News. Citing company sources, the article alleged that talks were currently in full swing but are still at an early stage.

The report came the same day that Chrysler announced its massive restructuring and recovery plan that it hopes will turnaround the $1.47 billion loss it suffered last year. The three-year initiative will see a reduction of its workforce and closing its Newark Assembly Plant. The measures will effect up to 13,000 personnel over the next three years.

DaimlerChrysler AG has also been reported as stating it was open to all options for the Chrysler group, however, executives are remaining tight-lipped about the talks with GM. The Detroit News is reporting that the Chrysler group has hired investment bank JPMorgan Chase & Co., so a possible merger could be on the table.