Auto parts supplier Magna has joined with a private equity partner to offer to buy Chrysler Group for between $4.6 billion and $4.7 billion, an analyst said Friday.

Shares of DaimlerChrysler (up $3.90 to $81.50, Charts) jumped 4.7 percent on the news.

KeyBanc Capital Markets analyst Brett Hoselton cited unnamed "sources" as saying that Magna had offered to take up to a 25 percent stake in Chrysler under the terms of the proposed deal.

Hoselton said in a note for clients that the bid had been made to Chrysler parent DaimlerChrysler AG in the form of a "joint letter of interest." He did not name the private equity firm partnered with Magna.

"While Magna views its offer as low and unlikely to prevail, it also views it as an opportunity to purchase an inexpensive stake in the automaker should other bidders retreat," Hoselton said.

A Magna representative was not immediately available for comment.