It has been reported that Ford Motor Co. and Chinese manufacturer Geely are all set to report substantial progress on talks over the purchase of Ford's Volvo division by China's popular maker of automobiles, as early as Wednesday.

Both the parties involved are expecting the deal to come to a closure by early 2010.

The sharing of the update, which many have called an "unusual" decision, is being undertaken by Geely with the aim to clinch financing and to speed approval from the Government of China by hinting that both the manufacturers are rapidly closing in on the deal.

Geely is China's top ranked and largest maker of private automobiles and is very eager on getting its hands on modern technology to upgrade its line-up of cars, so that it can compete more efficiently at a global level.'

As for Ford, the deal would mean a heavy inflow of funds that the company can then use towards Chief Executive Alan Mulally's goal of accelerating the repayment of debts as the automobiles manufacturer strongly progresses towards a profitable 2011.

In October, Ford had named Geely as its preferred bidder for Volvo, and yesterday, the giant firm had announced that "both sides are working together in hopes of reaching an agreement".