The boss of Fiat Chrysler is reported to be preparing to announce the establishment of Alfa Romeo as a standalone company, with its own management team and headquarters.

Automotive News is reporting Sergio Marchionne will go public on the move on May 6. The move would see Alfa mirror Ferrari and Maserati which Fiat Chrysler is a majority owner of.

"Marchionne needs to make Alfa’s P&L clearly visible to make this new relaunch attempt into a credible business proposition," a source is reported as saying.

Also rumoured to be part of the Alfa turnaround plan is a move to make Italy the sole source for the cars, to increase the global footprint, to have Ferrari supply some of the engines, and to have the lineup comprised exclusively of rear-wheel-drive cars with all-wheel drive reserved for crossovers and SUVs.