Bank of America Merrill Lynch and JPMorgan are the lead candidates for "senior manager" underwriting roles on the General Motors initial public offering, according to Fox Business Network's Charlie Gasparino.

The selection has not yet been finalized but if it is, the two banks could split most of the $300 million in underwriting fees, according to the report which cited people with knowledge of the deal. GM and the Treasury are running the selection process and an announcement is expected later this week or next.

A spokesman for Bank of America declined to comment. JPMorgan was not immediately available for comment.

The U.S. government acquired 61 percent of GM's shares through its $50 billion bailout of the carmaker, which emerged from a government-sponsored bankruptcy last July.