American International Group could be selling its auto insurance unit to Zurich Financial Services for nearly $2 billion.

The deal to sell 21st Century Insurance, the moniker AIG gave its auto unit in the wake of its financial problems last year, has been in the works for several months and could be announced as early as Thursday, according to published reports. The sale would be one of the biggest for the insurer and help pay back billions to the U.S. government.

Zurich has its U.S. headquarters in Baltimore, Md.

At a Senate hearing last month, AIG CEO Edward Liddy said the insurer has a two-to-three year goal of repaying federal money, a timeline he described as “very market dependant.”

While Swiss-based insurer Zurich is the frontrunner for the auto unit, The Financial Times (U.K.) reports that MetLife has also expressed interest in 21st Century.

AIG has received nearly $180 billion in federal funding, yet Liddy has said after investments, the actual loan to the insurer is $78 billion: $40 billion from the U.S. Treasury‘s TARP program and another $37.8 billion in federal loans.

According to Reuters, in addition to the possible sale of 21st Century Insurance, Liddy has recently secured deals for 10 businesses, including the sale of HSB Group to German reinsurer Munich Re for $742 million and AIG’s Canadian life insurance unit for about $451 million in American currency.