The two automakers are reportedly involved in fast moving negotiations to form a deep and extensive co-operation deal.
- shares

Discussions initially focussed on Fiat Chrysler (FCA) using platforms and technologies from Renault have reportedly morphed into something more complex and wide-ranging.

Multiple sources have told The Financial Times the talks between FCA and Renault are on-going, with a lot of structures and options currently being evaluated.

The sources have cautioned the discussions could still fall apart and yield no deal.

If successful, though, it could see FCA join the Renault Nissan Mitsubishi Alliance, although winning over Nissan could prove complicated.

Renault's relationship with its Japanese partner has been strained since the arrest of former CEO Carlos Ghosn, with the French car maker still keen on merging the two companies, but Nissan resistant to anything which would allow the French to entrench control.

It's unclear how involved Nissan has been in the talks so far, with some sources uncertain, and one stating explicitly Nissan hasn't been included at this stage.

In late March, Nissan's CEO said he was unaware about Renault's reported desire to merge with or take over Fiat Chrysler.

Earlier this year, reports emerged FCA was in discussions with the PSA Group, which owns the Peugeot, Citroen, DS, Opel and Vauxhall brands.

Talks between FCA and PSA reportedly broke down due to concerns about the merged automaker's over-reliance on Europe and how PSA would fund the acquisition.

Both automakers have previously gone on the record stating they were willing to have discussions with any interested party about collaboration or consolidation.

Should Renault and FCA join forces, it will give the French automaker access to the US market and two well-known luxury brands in Alfa Romeo and Maserati.

Although it might seem counterintuitive to combine two Europe-based automakers, it should be noted FCA derives most of its profits from the Jeep and Ram brands.