JACQUES NASSER, the former Ford chief executive, is in talks with his old company about buying Jaguar, Land Rover and Volvo.

Mr Nasser, who was ousted from Ford five years ago, is negotiating alongside One Equity, a private equity firm in which he is a partner, and it is believed that Ford wants a joint-venture deal rather than an outright purchase.

However, sources close to Mr Nasser say that he believes that the three brands are viable enough to stand alone as a privately held car company.

Mr Nasser bought Land Rover for Ford and created the Premier Automotive Group, the division for Ford’s luxury brands. It includes Jaguar, Volvo and Aston Martin. A future deal would see him returning to his old ground.

When Ford took over Land Rover in 2000, it paid $2.7 billion (£1.9 billion at exchange rates then). However, if Mr Nasser now buys Land Rover again as part of a joint venture, the sum is expected to be much less even though it was loss-making when he first bought it but is now profitable.

While with Ford, Mr Nasser was responsible for its rapid expansion and diversification. It was this expansion, which took Ford into finance and into car repair with Kwik-Fit, that was blamed by some industry analysts for heavy losses at the carmaker.

Mr Nasser, one of the car industry’s more engaging figures, was also dogged by controversy over the safety of Explorers after problems with their Firestone tyres.

Mr Nasser is thought to have done preliminary evaluations of the two car businesses, which make cars only in the UK. His involvement in talks about the future of the two brands increases the likelihood that Ford is preparing to sell. It also adds to uncertainty in the UK car industry, rocked by closures in recent years.

Ford recently told British unions that it had no plans to shed the businesses and it is maintaining a public silence on their future. However, many observers think that sale or joint-venture plans could be unveiled in a few weeks when Kenneth Leet, once a Goldman Sachs banker, completes a strategic review. It is understood that Mr Leet is evaluating Mr Nasser’s requests, but has told the private equity firm that Ford is examining several potential buyers for Jaguar and other plans for the brand before it decides what, if anything, is put up for sale.

Ford sources say all options are being considered, including a sale of the UK brands. Jaguar is struggling to become profitable. Land Rover and Volvo are successful.

Yesterday Robert Rubin, a former US Treasury Secretary, resigned as a non-executive director of Ford, blaming potential conflict of interest. He works for Citigroup and it is thought that Mr Leet’s review may bring Ford into contact with banks.

Sir Anthony Bamford, chairman of JCB, has expressed interest in buying Jaguar on its own.

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