American International Group's

(AIG) - Get Report

former CEO Hank Greenberg plans to release a plan outlining an alternative way to save the insurer that was rescued by the U.S. government last month, according to a published report.

Greenberg, who built AIG over four decades before being ousted in 2005, was expected to file his proposal with the Securities and Exchange Commission as early as Monday night, reports the

Financial Times

. The proposal had yet to be filed Tuesday morning. Greenberg's plan also is expected to be presented to

Treasury

Secretary Hank Paulson and key members of Congress.

The details were unclear but the plan could involve modifications to the deal with the government, which extended an $85 billion loan to AIG in September, the newspaper reports.

The

Wall Street Journal

reported last week that AIG had borrowed $70.3 billion from the government in three weeks and was in a race against time to sell assets to pay off the loan. The government originally said it would loan the company $85 billion but raised the amount to $122.8 billion last week.

AIG recently announced a program of asset sales that, if successful, would reduce the company's revenue by more than half, the

Financial Times

reports. Greenberg earlier this month was trying to put together a buying group, either to buy the whole company back or parts of it.

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This article was written by a staff member of TheStreet.com.