Fiat CEO Giuseppe Morchio told Reuters on Tuesday he hoped an agreement could be reached with General Motors over a 'put' allowing Fiat to sell the rest of its car arm to GM before the option kicked in early next year.

"I hope the revision can be done sooner than that," Morchio reportedly said, adding: "The mood is fine. There is a lot of respect for the arguments of each party."

Reuters noted that Fiat chairman Umberto Agnelli on Monday reiterated the group could give up the option if GM offered adequate compensation.

GM has said moves by Fiat had invalidated the 'put' option, the report added.