Indian carmaker Mahindra and Mahindra is reportedly considering buying Volvo.
The company, which is known for making utility vehicles, is discussing with private equity players, including Cerberus and Texas Pacific Group, to place a joint bid for the Swedish firm, reports the Hindustan Times.
M and M said they do not comment on market speculation.
Meanwhile The Times says one of China's biggest carmakers, Changan, is talking to Ford about possibly buying Volvo.
If the deal goes through, it will mark Ford's exit from European brands.
The bid value for Volvo is not known although international media reports say Ford wants about $6 billion for it.