Fiat Chrysler Automobiles (FCAU) - Get Report has reportedly turned down a buyout offer from an unnamed but well-known Chinese automaker because the small premium over Fiat's market value wasn't enough to ink a deal, Automotive News reported Monday.

The unnamed firm made the offer this month. Fiat Chrysler has hosted delegations from Chinese auto firms and sent their own group overseas to meet with Great Wall Motor Co (GWLLY) , insiders said. Fiat is also said to have met with U.S. retail groups about a potential acquisition.

Fiat has been for sale by the owner for more than two years, with CEO Sergio Marchionne working to make the company an attractive target with streamlined operations and laser-focused production. It's unclear which firms have shown interest in Fiat, but sources told Automotive News that Dongfeng Motor Corp (DNFGF) , Great Wall, Zhejiang Geely Holding Group (GELYF) and FCA's current joint venture partner in China, Guangzhou Automobile Group (GNZUF) , are all involved in discussions.

Fiat Chrysler stock surged almost 7% to $12.40 per share Monday morning.

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