Seemingly confirming earlier rumors, Fiat CEO Sergio Machionne reportedly told investors last Friday that the Italian automaker is planning to sell at least part of its ownership in the Ferrari sports car brand.

Rumors surfaced earlier this month that Volkswagen was considering purchasing the Ferrari brand from Fiat, with a recent analysts meeting apparently confirming those reports. Morgan Stanley analyst Stuart Pearson, who attended the meeting, revealed to clients on Monday that Fiat is planning an initial public offering of Ferrari stock.

“We left Turin with the clear message that Fiat and Chrysler will become one company,” Pearson said. “A Ferrari initial public offering and potential Marelli disposal may need to come first, according to management.”

A Credit Suisse analyst was quoted as saying, “Marchionne identified a Ferrari initial public offering and Magneti Marelli disposal as potential sources of cash, without giving a timeframe.”

Although it looks as though Ferrari is officially on the auction block, it is believed that Fiat will retain at least a 51 percent controlling stake in the company. The Ferrari brand is believed to be valued at $3.3 billion.