General Motors may soon reach a deal to sell its European unit Saab Automobile AB to Swedish supercarmaker Koenigsegg Automotive AB, according to Bloomberg, citing a person close to the situation.

Koenigsegg is the leading contender because of an investment it pledged to reorganize Saab and it’s the only company in the race to buy it, the person said, declining to be identified because the talks are private.

The other bidders are Renco Group Inc., and Merbanco Inc, the report stated.

The deal could come as soon as Friday, people familiar with the situation told the Wall Street Journal on Thursday. GM is “very close” to a preliminary deal but has not yet reached a final agreement, the person told the Journal.

The report indicated that Swedish television station SVT had reported that the company was being sold to Koenigsegg.