Merrill Lynch & Co may sell its 20 percent stake in financial news and data provider Bloomberg LP to a blind trust controlled by New York City Mayor Michael Bloomberg, The New York Post reported on Friday.

Details about the terms of a sale remain sketchy, the Post said, and sources warned that a deal could still fall apart.

The sale is part of a broader plan by cash-strapped Merrill to raise about $50 billion through various asset sales, the Post said, citing bankers who have looked at marketing materials.