Elliott Associates and Paulson & Co. are discussing a plan to team with Brookfield Asset Management Inc. to bring mall owner General Growth Properties out of bankruptcy, two people familiar with the talks said.

The hedge funds, which have spoken with General Growth, would try to replace or join Fairholme Capital Management and Pershing Square Capital Management in a bankruptcy exit plan with Brookfield, said the people, who asked not to be identified because the talks are private. Elliott and Paulson’s alternative proposal may also include Luxor Capital Group LP or other funds, one of the people familiar with their plans said.

“It’s not surprising to see Paulson or Elliott potentially step up to the plate,” said Benjamin Yang, an analyst at Keefe Bruyette & Woods Inc. in San Francisco. “Even with Brookfield- Fairholme-Pershing’s commitment, GGP management has been seeking to raise additional capital at more attractive terms.”