Japan's Nissan may call off its merger talks with Honda, according to a person familiar with the matter, adding that Nissan's board members were due to meet in the near future to decide a course of action.

There's strife of the horizon as Nissan vehemently opposes Honda's suggestion of making the struggling carmaker its subsidiary.

Shares of Nissan Motor Co. and Honda Motor Co. rose overnight following reports that the automakers’ proposed merger may be scrapped.