(Reuters) -A planned $20 billion bailout to Argentina from JPMorgan Chase ( JPM ), Bank of America ( BAC ) and Citigroup ( C/PN ) has been shelved as bankers pivot instead to a smaller, short-term loan package, the Wall Street Journal reported on Thursday, citing sources.

In October, the U.S. Treasury tied up a $20 billion exchange-rate stabilization agreement with Argentina, to be paired with a bank-led debt facility for the same amount. The deal came just days ahead of a crucial midterm vote for Argentina's libertarian president, Javier Milei.

Bankers now say the debt facility is no longer under serious consideration, the Wall Street Journal reported, citing people familiar with the matter. Instead, lenders are planning to loan Argentina around $5 billion through a short-term repurchase, or "repo," facility, according to the outlet.

The funds would go toward a roughly $4 billion debt payment due in January, the newspaper reported.

Bank of America ( BAC ) declined to comment. Argentina's economy ministry did not immediately respond to a request for comment.

The Wall Street Journal added that talks were still in initial stages and could change or fall through.