However, the talks halted quickly due to price differences, sources told the Reuters news agency.
The two parties have held another round of talks after initial conversations last autumn, sources said.
Ford is said to have also had contact with China’s third-largest carmaker Dongfeng Motor Group, as a possible partner for Volvo.
Ford spokesperson Mark Truby wouldn’t comment directly on the matter, but says that “we announced earlier this year that Volvo is not for sale and that we are focused on improving Volvo’s business results”.
Despite Truby’s insistence that Ford has said it has no plans to sell Volvo, the automaker has been having informal talks with interested parties, sources said.