China's sovereign wealth fund plans to buy a 4 to 10 percent stake in German automaker Daimler AG, according to industry sources quoted in recent domestic media reports.

The news in the Chinese-language press follows reports in late 2011 by Germany's Manager magazine that Daimler has hired an investment bank to arrange a potential deal, with China Investment Corp considered the front-runner.

Daimler CEO Dieter Zetsche said at the time that the company would welcome additional investors from China.