Cerberus Capital Management LP Co-founder, Senior Managing Director and CEO Stephen Feinberg is in talks with President Donald Trump's transition team regarding a senior role, The Wall Street Journal reported, citing a company's memo to investors.

If Feinberg joins Trump's administration, he would have to comply with conflict of interest rules and leave Cerberus Capital Management, as well as publicly disclose his financial information. The private equity firm informed its investors that it has a succession plan in place should Feinberg leave, but it did not elaborate on who will replace him.

The news outlet reported that Feinberg has supported Trump's presidential campaign. He is already part of Trump's economic advisory council.