Renault and Nissan are reportedly in talks to rebalance their alliance with the aim of restarting Renault's proposed merger with Fiat Chrysler (FCA).
Any reduction in Renault's Nissan stake would require the approval of the French government, which holds a 15 per cent share and supersized voting rights in the French automaker.
The newspaper has seen email correspondence between Renault and Nissan regarding the matter, and a memorandum of understanding regarding the restructured alliance could be released as soon as September this year.
According to the Journal, Renault and Nissan have been in talks about redrawing their alliance since June, when FCA pulled the plug on its proposed merger with Renault after the French government insisted on obtaining Nissan's approval for the deal.
Fiat Chrysler proposed a €32.7 billion ($52.9 billion) merger with Renault in late May. Under the original plan, FCA and Renault would own equal shares in the combined automaker, although FCA shareholders would receive a special dividend from Renault thanks to their differing sharemarket valuations.