Wachovia Corporation is hoping to buy a stake in General Motor Company's finance arm - as early as this month.

The company is looking to join with private-equity firm Kohlberg Kravis Roberts & Co. to acquire a 51% stake in GM, Dow Jones Newswires reported, citing the Charlotte Observer. 

The Dow Jones noted that Wachovia still could walk away from the deal at any time.

GM has reportedly been trying to strike deals with executives at a number of financial institutions, such as Bank of America, Citigroup and Wells Fargo & Co, without success, reported Dow Jones.

Wachovia CEO Robert Kelly declined to comment to the news agency on whether the company was interested in buying a GMAC stake, in an interview a month ago, adding that Wachovia isn't keen on the risks involved with vehicle leasing.