Ford is to sell up to 5% of its 33.4% Mazda Motor stake to Hiroshima Bank, according to Japanese media reports on Wednesday.
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Reports said Ford is finalising plans to sell part of its controlling stake to a number of Japanese firms.
Kyodo News, citing unnamed sources, said Mazda would buy about half the shares Ford is selling but did not detail the portion.
Broadcaster NHK said earlier this month Ford wanted to sell a 20% stake.
Reuters suggested Hiroshima Bank may want to support factories and subcontractors in Hiroshima prefecture, where Mazda has its headquarters, by purchasing shares in the automaker.
Mazda told the news agency it had nothing to announce.
Business daily Nikkei last week said Ford had approached other firms including insurers, trading houses and component maker Denso while other media said each company is to buy about 1% in Mazda.
Ford recently sold off premium sportscar maker Aston Martin and then followed up with a sale of Jaguar and Land Rover to Tata Motors. Rumours abound that Volvo is also for sale but this has been denied.
