Penske runs Penske Automotive Group and has extensive operations in truck leasing. The deal would allow to take over the brands, trademarks, service and parts operations and distribution operations related to Saturn.

Penske reportedly will strike deals with various automakers, including GM and Renault SA, allowing him to buy vehicles from those companies' factories to fill out the Saturn vehicle portfolio.

Separately, GM is set to provide more than $2.5 billion to finance the buyout of Delphi by private-equity firm Platinum Equity, the Journal reported, citing an unnamed source.