Media reports in Japan and Germany suggest that Toyota and BMW are considering deepening their collaboration in the area of green automotive technologies and that a public statement could come as early as this week.

In Japan, the Nikkei has reported that Toyota will provide hybrid systems and fuel cell technology to BMW. The news agency said that the two companies will will make an announcement this week.

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The two companies are already collaborating in this area. They reached an agreement at the end of last year to pursue joint research on next generation lithium-ion batteries. The latest reports suggest a deepening collaboration to cope with tightening environmental regulations in Europe and elsewhere, Nikkei said.

Jiji news agency, citing informed sources, reported that Toyota wants to receive BMW’s technical support to reduce vehicle weight in exchange for providing the major German automaker with its technologies for hybrid and fuel cell vehicles.

Toyota President Akio Toyoda is expected to visit Europe shortly for detailed talks toward agreement, the sources told Jiji.

Last December, the two companies agreed to work together on a next-generation lithium-ion storage cell, the core technology for gasoline-electric hybrid and electric vehicles, and Toyota’s procurement of fuel-efficient diesel engines from BMW.

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Meanwhile in Germany, Der Spiegel also reported that the two companies have been in talks for expanding cooperation and have reportedly agreed on ‘several projects’ since their December agreement. It said Toyota is set to receive diesel engines from BMW by 2014 in Europe, as well as collaborating on research in lithium-ion battery for electric vehicles.

Der Spiegel said that BMW CEO, Norbert Reithofer and Toyota president, Akio Toyoda are set to announce details of this development ‘soon’.