TOKYO (Reuters) - Ford Motor Co (NYSE:F - News) is considering selling its stake in Japan's Mazda Motor Co (Tokyo:7261.T - News), a source familiar with the matter said, as debt-laden U.S. automakers struggle with weakening auto sales and the global credit crunch.

Japanese broadcaster NHK said earlier that Ford, which has 33.4 percent of Mazda, was considering selling about 20 percent and had already approached Japanese companies for the sale, adding Mazda would likely buy some of the shares.

The source did not specify how many shares Ford wanted to sell. Mazda has a market capitalization of about 408.5 billion yen ($4.1 billion), which would value Ford's entire stake at around $1.36 billion.

In a statement, Mazda said no specific decision has been made. Ford also said it had nothing to announce and did not want to comment on speculation.

"Our relationship with Mazda has not changed," Ford said.

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