He said he has not yet met with Ron Bloom, brought in by the Obama administration to work with auto industry executives on corporate restructurings.
"All the feedback is, his reputation is excellent, particularly in these situations where restructurings are required, so we look forward to working with him," he said.
Wagoner told CNBC bankruptcy would not be a significantly better alternative. (See the accompanying video for more.)
"Bankruptcy entails the risk of, 'once you go in, do you get out?' Secondly, the loss of revenue that you will incur when you go into bankruptcy; and third, the fact that within bankruptcy, a number of liabilities on our balance sheet can't be extinguished," he said. "We have huge liabilities for warranty accruals for customers; we have payments that we owe to our dealers; we have huge payments that we owe to our suppliers."
GM's report said the company is exploring ways to get rid of its Hummer, Saab, and Saturn brands.
"It's clear that we need to make a call here over the next 45 days or so," Wagoner told CNBC.
CNBC.com Video: CEO Interviews
-- The Associated Press contributed to this article.