NEW YORK ( TheStreet) -- AIG's ( AIG - Get Report) aircraft-leasing chief, Steven Udvar-Hazy, may buy as much as $4.5 billion of commercial planes from the company to start a rival firm, a report says.

Udvar-Hazy, the founder of AIG's International Lease Finance, is in talks about buying an initial $2 billion to $2.5 billion of airplanes and agreeing on terms for purchasing the rest, Bloomberg reports, citing people familiar with the matter.

AIG's board has authorized the talks, according to Bloomberg.

Bloomberg says Udvar-Hazy's idea to start a rival firm originated after AIG's effort to sell Los-Angeles based ILFC was completely frozen earlier this year. ILFC has been forced to rely on its parent for funding after the market for ILFC's securities dried up following last year's failure of Lehman Brothers.

Udvar-Hazy is in talks to raise financing for the new venture from private-equity firms Onex and Greenbriar Equity, and from lenders. These firms were previously backing Udvar-Hazy in a plan to buy the entire ILFC business, Bloomberg notes.