Senior management at Cazenove and JP Morgan are thought to be close to agreeing a price for Cazenove's share of their JPMorgan Cazenove joint venture before the end of the year, the Independent on Sunday newspaper said.

Cazenove and JP Morgan Chase & Co created the joint venture in 2005 and under the terms of the deal there are options for JP Morgan to buy or Cazenove to sell its interest in the joint venture in February 2010.

But sources close to Cazenove told the newspaper that both parties were keen to get a deal agreed earlier than the February deadline.

No one at the joint venture was immediately available to comment.

The paper said Cazenove's chairman, David Mayhew, and Chief Executive Naguib Kheraj were holding talks with senior JP Morgan executives and it cited unnamed sources as saying that plans for the company could be unveiled as early as next month.

(Reporting by Kate Holton; Editing by Greg Mahlich)