The automotive supplier said this month it was in talks about a possible structural overhaul and pledged to flesh out its plans within six months.
Manager Magazin said the favoured option within Continental was to split the group into three parts: Rubber; Powertrain; and a combination of the Chassis & Safety and Interior units, which would include all services related to autonomous vehicles.
The Rubber and Powertrain businesses would be the first candidates for a listing, the magazine said, adding that Continental would keep majority stakes in the businesses.
Continental was not immediately available for comment.
Sources said recently that Continental had hired JP Morgan to work on strategic options for the company, including a separation of its current businesses.