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A close partnership with FCA could provide a significant boost to Renault's operations in North America, where FCA already has a large manufacturing base and customers selling car brands such as Jeep, Dodge and Chrysler.
FCA and Renault declined to comment on CNN Business.
The future of the powerful alliance between Nissan, Renault and Mitsubishi was questioned when the alliance architect, Carlos Ghosn, of Nissan, was arrested in Japan eight months ago for various charges.
Nissan has seen a sharp decline in profits earlier this month, highlighting the bumpy road that awaits it as it tries to progress after Ghosn's arrest and counter a merger proposal of Renault.
The discussions between Renault and FCA, however, focus on the potential for extensive cooperation going beyond the existing manufacturing partnership between companies and could "include the joining of much of their business," reported the newspaper, citing familiar anonymous sources about it. .
The addition of FCA to the Nissan-Renault-Mitsubishi alliance could alter the balance of power within the group in a way that would weaken the Japanese Nissan, according to the Financial Times.
It's not clear whether Nissan, which also builds and sells cars in the United States, has been involved in discussions with FCA, sources said.
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