Fiat Chrysler Automobiles (FCA) is currently scouting for carmakers to purchase its business as it deals with mounting debts. So far, the rumour mill has churned out names like Great Wall Motor and GAC as being interested in a takeover, but now Hyundai could also be keen on throwing its hat in the ring, according to The Detroit Bureau.

Rumours of discussions between the two conglomerates have apparently been picked up by South Korean press, and analysts there are also speculating that a deal is in the works. Hyundai has so far denied these reports, but Lee Jae-il, an automotive analyst at Eugene Investment & Securities, said that it has plenty to gain from a merger.

These benefits include an expanded product portfolio and higher consumer awareness of FCA brands in Europe and the US. Flagging sales in China and the US is pushing Hyundai to purchase another automaker, Lee said, and the acquisition of FCA would not only help increase sales, but also fill up the company’s lineup of SUVs and trucks which it sorely lacks.

Lee added that a deal would propel Hyundai into being the world’s largest carmaker in terms of sales, based on the sales performance of the larger Hyundai group and FCA – the two companies sold a combined 11.5 million vehicles last year. That would put it ahead of Toyota, Volkswagen and Nissan.

During the Italian Grand Prix earlier in the month, FCA chief executive officer Sergio Marchionne told reporters that he had yet to receive any offers for the company from China or elsewhere, adding that his main priority was to execute FCA’s business plan for 2018.