A Ford spokesman denied media reports about its intention to sale Volvo brand. On Sunday, New York Times and Sunday Telegraph reported that Ford is looking a buyer for Swedish car maker Volvo.

Volvo, the flagship of Ford's Premier Automotive Group, was bought by the American company in 1999 for $6.95 billion.

In this moment, Volvo employs 27,500 people and makes about 500,000 cars annually at plants in Sweden and Belgium.

Quoting unnamed sources, Sunday Telegraph said that Ford intends to sell Volvo brand for close to $8 billion.

"They are getting a lot of people coming to them with ideas because Volvo is an attractive asset," said an automotive industry source.

Although initially Ford spokesman Tom Hoyt refused to comment on the rumors, later he denied the reports.

"To my knowledge, we are not in negotiations with anyone about the future of Volvo," Hoyt said in an interview with AP.

According to Reuters, a similar statement was issued by a London-based spokesman for Ford. "Ford is not in discussions with any company to sell Volvo, however we are continuing to assess options for all our operations," he said, while declining to comment further.

Earlier this year, Ford sold Aston Martin in a deal worth $858 million and is planning to take bids on Jaguar and Land Rover.