Hyundai Group and a U.S. consortium may be close to a mammoth investment deal.

The chairman of the Financial Supervisory Commission said Friday he expects progress within a few days. But he was quick to add he hasn't received any proposal yet from the consortium led by American International Group and W-L Ross.

For months, Hyundai has been trying to draw one billion dollars in investment from the consortium. Hyundai and the consortium signed a memorandum of understanding on the planned investment last August.

Under the deal, the consortium would take a stake in Hyundai's financial affiliates, including Hyundai Securities.

Local reports said the deal might have collapsed over the consortium's demands for concessions. The consortium reportedly wants better interest rates on loans held by Hyundai financial firms.