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The nation's two largest automakers,


(F) - Get Ford Motor Company Report


General Motors

(GM) - Get General Motors Company (GM) Report

, have reportedly discussed an alliance or merger.

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, citing sources familiar with the talks, said discussions began in July, but they are not taking place as of now. A source also said there's a "slim chance" that anything will come of the talks.

Both companies reportedly declined comment on the story.

Ford and GM are each seeking to revitalize their struggling North American operations, which have been hurt by rising gas prices and intense competition from overseas automakers.

GM is in talks for a potential alliance with Nissan and Renault, which are both run by Carlos Ghosn. The

Wall Street Journal

reported that Ford also reached out to Ghosn seeking alliance discussions should the GM talks fall through.

Shares of Ford, which on Friday set a broad cost-cutting plan to accelerate its turnaround, recently were down 4 cents to $7.98. GM shares were down 2 cents to $31.64.