Chinese law requires global brands to partner with a domestic manufacturer to produce vehicles for the market.
"A deal with Great Wall wouldn't make sense, at least today, because the two companies have no market overlap and wouldn't achieve greater scale together", the publication quoted 65-year-old Italian-Canadian business magnate as saying.
John Zeng, managing director of LMC Automotive Shanghai, said the possible partnership might be dedicated to electric Mini cars.
A BMW executive familiar with the matter told Reuters the report was "generally true". BMW said it planned to grow the Mini brand in China with a new local partner, without naming Great Wall.
Munich has already been building BMWs in China with Brilliance Auto since 2003. That strategy helped propel the company to a 26 percent sales surge previous year.
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Year-to-date sales of both brands, which are part of the BMW Group, were up 64.2 percent in over the same period last year, the company said Friday.
BMW and rival Mercedes are betting they can mass produce new electric cars based on conventional vehicle design, defying sceptics who say they will need more radical plans to head off the threat from Tesla and other start-ups.
Subsequently, Hyundai was also linked as a buyer to Jeep brand.
The German automaker has announced sales of electrified vehicles through the first three quarters of 2017 have already exceeded all of previous year.
Brokerage Jefferies said in a note that it was "understandable that BMW needs a new partner to defend its market share in a more competitive market", and expected that the move would hit current partner Brilliance.