American International Group ( AIG) and U.S. officials are in advanced talks over a restructuring that would divide the insurer into at least three government-controlled divisions in an attempt to keep it afloat, the Financial Times reports, citing people close to the situation. Under the restructuring plan, the government would swap its current 80% holding in the insurer for large stakes in three units -- AIG's Asian operations, its international life insurance business and its U.S. personal lines business. A fourth unit, made up of AIG's other businesses and troubled assets, also could be formed, according to the Financial Times. The U.S., in return, would relax the terms, or even cancel a large portion of a five-year, $60 billion loan to AIG and convert $40 billion worth of preferred stock into shares. The final shape of the new rescue attempt could still change as talks between company executives, the U.S. Treasury, Federal Reserve and credit rating agencies continue. People close to the situation said AIG could announce the overhaul on Monday, when it is expected to report a fourth-quarter loss of $60 billion. AIG's board is scheduled to meet Sunday, according to the Financial Times. AIG said earlier this week it is discussing "alternative options" with regulators to keep the firm afloat as it navigates through the financial crisis.