Merrill Lynch & Co. is in renewed talks to move its headquarters to one of the new buildings which is being built on the World Trade Center site, according to the Wall Street Journal.

Merrill's senior executives have discussed the possibility and have allowed the company's corporate real estate team to explore the move, people familiar with the matter told the Journal.

The talks are preliminary but a deal could still be months away or fall apart.

The Port Authority of New York and New Jersey, which owns the site, is expected to discuss the matter on Thursday and may pause the construction process to accommodate Merrill's design needs, the report said.

The Authority, to allow for design changes, may give developer Larry Silverstein a six-month extension to complete the tower Merrill is considering moving into, the Journal said. The tower is currently scheduled to be completed by 2013.