General Motors Co. is said to be nearing an agreement to sell its Hummer business to Chinese Sichuan Tengzhong.

However, the deal will require to be approved by both the Washington as well as Chinese government.

The sale of Hummer business is a part of the drastic restructuring plan by GM.

Sichuan Tengzhong Heavy Industrial Machinery has been pursuing talks with GM since it revealed its plan in June to buy the rights to Hummber brand from the GM.

A source familiar with the deal said that the agreement could be signed as soon as Friday.

When contacted, Jim Taylor, Hummer CEO, said, "Talks are on track. It would be inappropriate to comment further until an agreement is reached."

The GM had expected Hummer to fetch $500 million when it went on sale in 2008, but according to experts now Hummer can bring only a fraction of that amount.