Renault is reportedly looking to restart merger talks with Nissan within the next 12 months before making an audacious attempt to buy Fiat Chrysler.

The Italian-American multinational is a prime target for the French firm, according to the Financial Times who cited several people familiar with Renault's plans, and former Renault CEO Carlos Ghosn held talks with Fiat in recent years before his arrest in Japan on financial misconduct charges.

The FT also reported that Fiat Chrysler Chairman John Elkann is open to a potential partnership or merger in a bid to boost his firm. A combination of Renault, Nissan and Fiat Chrysler would be viewed as a viable rival to the current global auto leaders, Volkswagen Group and Toyota.