With Morgan Stanley's share price continuing its freefall on Friday, plunging 22 percent, or $2.77 per share, to $9.68, unnamed financial analysts are saying it's likely Mitsubishi UFJ Financial Group will want to change the terms of its preliminary deal to throw Morgan Stanley an economic lifeline, The New York Times reported Saturday.

Mitsubishi struck its deal with Morgan Stanley nearly three weeks ago at $25.25 per share, and with that premium widening by the day, speculation is growing that Mitsubishi will choose to renegotiate or even scuttle the deal. The Times said other possibilities being mentioned including Mitsubishi buying the entire firm, a merger with a U.S. bank or a U.S. government buy-in.

The newspaper noted Mitsubishi executives were in Washington this weekend for meetings of the International Monetary Fund and that Morgan Stanley executives have been in close contact with the bank all week.

Neither Morgan Stanley nor Mitsubishi officials would comment on the renegotiation rumors.