DETROIT — Published reports say General Motors Corp. and Chrysler LLC have held preliminary talks about a merger or an acquisition of Chrysler by GM.

The Wall Street Journal, citing people it described as familiar with the discussions, says Cerberus Capital Management, the private equity firm that owns 80.1 percent of Chrysler and 51 percent of GMAC Financial Services, proposed trading Chrysler's automotive operations to GM. The Journal says Cerberus would receive GM's remaining 49 percent stake in GMAC.

The New York Times, also citing people familiar with the talks, says the automakers were discussing a merger. The Times did not mention GMAC, a traditional auto lender hit hard by the housing market downturn.

Messages seeking comment left with GM and Chrylser by the The Associated Press were not immediately returned late Friday.

The Associated Press says GM will likely announce more production cuts and possible plant closures as early as next week. GM's share price lost nearly half its value this week and is now at its lowest level in nearly six decades.

There is no word on how the news might impact GM's huge Arlington assembly plant, which builds large SUVs and trucks.