Fiat chief Sergio Marchionne and Volkswagen boss Martin Winterkorn have dismissed reports of a sale of the Italian carmaker’s Alfa Romeo and Ferrari brands to the German company as a “dream.”

VW’s supervisory board chairman Ferdinand Piech said in September the company was “monitoring” Fiat’s stance on Alfa Romeo in the event the Italian company wanted to sell.

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This month Germany’s Manager Magazin reported Ferrari is the real target of Piech’s interest.

However the bosses of both carmakers denied the rumours at the weekend. Winterkorn said: “Alfa Romeo makes gorgeous cars but nothing more.”

Last month Marchionne said he had no intention of selling Alfa Romeo and instead wants to rebuild the brand by developing new models and re-entering the US after its departure in 1995.

The CEO has said the division needs to deliver 300,000 cars a year to make a profit and set a 2013 deadline for reaching that sales goal.

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Fiat owns 90% of Ferrari.