NEW YORK (CNNMoney.com) - Delphi and General Motors may be close to a deal with the United Auto Workers that could avert a possible strike at Delphi that potentially could force a shutdown at GM, a news report said, but the union issued a denial Thursday.

The Wall Street Journal, citing people familiar with the matter, said in its online edition that while several key details remain to be worked out, a deal could include buyouts to entice older workers to retire from GM (Research) or Delphi, or lump-sum payments to Delphi (Research) workers whose wages and benefits will be cut.

No deal is imminent, the paper said. But when UAW-Delphi leaders from around the country convene in Detroit next Wednesday, they will be given details for a potential agreement, it added.

The union denied reports that a deal was close.

"Nothing could be further from the truth," said a statement on the UAW Web site. "The meeting next week is another routine meeting to bring you up to date on these complicated and difficult discussions. The suggestion that we have an outline of an agreement to review with you is, unfortunately, just not true."

Under the outlines of the deal reported by the Journal, Delphi workers would be paid one-time bonuses, maybe $25,000 to $50,000 a person, in exchange for future cuts in wages and benefits, the report said.

The three sides are negotiating ahead of a March 31 deadline for Delphi to go to court and ask a bankruptcy judge to throw out its labor contracts with six unions, the largest of which is the UAW. Delphi has delayed such a move three times.

A strike at Delphi, the former GM parts unit now operating in Chapter 11 bankruptcy, could shut down GM, which is in the process of launching a lineup of full-size sport-utility vehicles, the report added.

GM shares edged higher Wednesday while Delphi stock fell.

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