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The board of PSA, the automotive conglomerate that controls the Citroën, DS, Opel, Peugeot, and Vauxhall brands, has allegedly approved plans to merge with FCA. Exor, the holding company at the reins of FCA allegedly meets on the evening of October 30 to vote whether to accept the tie-up, CNBC reported.

Details about the structure of the merger aren't yet official. Peugeot boss Carlos Tavares would become CEO of the combined automakers, and FCA chairman John Elkann would hold the same role at the new company, according to CNBC. By current counts, the new business would be the fourth largest carmaker in the world.

Neither side is offering any official comment at this time. However, an announcement could some as soon as Thursday, October 31, depending on Exor's decision. Both sides have briefed regulators, according to CNBC, suggesting they have been taking these talks very seriously.

It was only hours ago that rumors emerged of the two automakers negotiating a possible merger. A statement said: "there are ongoing discussions aimed at creating one of the world‘s leading mobility groups."

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