General Motors’ chief financial officer Fritz Henderson has put together a working group to study a possible purchase, alliance or other tie-up with Chrysler, according to a financial newspaper.

The Financial Times cited unnamed sources within GM, and noted that Henderson had led a similar group last year that examined, then rejected, a possible alliance with Renault and Nissan.

DaimlerChrysler last week said all options were open for Chrysler and has not ruled out a sale. Equity groups have been reported as expressing early interest.

“Fritz is heading a working group checking out what would make sense and what wouldn’t,” a GM insider told the Financial Times on Wednesday, adding that talks were at a very early stage and that it would take many months to reach a decision.

GM has not publicly commented on the talks, except to say it has regular discussions with other car makers on topics of mutual interest, the FT said.

The paper noted that Hyundai and Fiat have ruled themselves out and, though Renault and Nissan have not yet dismissed interest, the CEO of both automakers, Carlos Ghosn, has said the primary focus is on their own businesses.

The Financial Times suggested links between GM and Chrysler could create synergies due to their their common location, allowing extensive administrative job cuts, in addition to the expected sharing of vehicle platforms.

Combined, the two companies would have US market share of 36%, sell about 11m vehicles a year globally and have more influence over the powerful United Auto Workers union, the paper said.

GM reported in talks with Chrysler