NEW YORK - With less than a week remaining before a self-imposed deadline to make a decision on its iconic Hummer brand, General Motors Corp (GM.N) has people wondering: Is it going to sell or is it going to fold?

Three sources with direct knowledge of the sale process say the brand does have a few offers and that active discussions are ongoing, but that a deal is still not certain, according to Reuters.

The struggling automaker, which put Hummer up for sale in June, has not closed the auction yet. But one of the sources said the bids on the table "are not ideal."

All the sources said the final bids came in much lower than GM expected when the auction began, mainly due to deteriorating market conditions.

The sources spoke on condition of anonymity because details of the auction have not been made public.

GM is facing the challenge of selling the macho gas-guzzling brand amid tough credit conditions and a weak economy that has pushed U.S. auto sales to their lowest level in almost three decades.

Moreover, the Hummer auction took off last summer, when oil prices reached record highs and caused consumers to shun big SUVs and trucks, a shift most analysts expect to be permanent.

Amid the uncertainty about its fate, Hummer sales have plunged by 65 percent so far this year.

Analysts say the military-derived brand has become synonymous with gas-guzzling excess and has hurt GM's image at a time when consumers are demanding more fuel efficiency.

"The Hummer strategic review process continues," GM said on Wednesday. "We are moving forward and expect to be able to provide some sort of an update before the first quarter."

When GM updated U.S. officials on its restructuring plans on February 17, the embattled automaker had said it would make a decision on whether to sell or phase out the brand by the end of the first quarter.

But the sources said a decision was not likely this month.