HAMBURG (Reuters). HAMBURG (Reuters). Audi and Porsche owner Volkswagen, DE: (DE:), are expected to approve their entry in Formula One racing next week. Two sources close to the matter confirmed this on Thursday.

One source stated that “we will hopefully be in able to communicate [our intention] to enter Formula One then”. The second added that there was “good chance” of making a positive decision.

Volkswagen refused to comment. Business Insider reported this news first.

Audi and Porsche are likely to form partnerships with Formula One teams in order to gain entry into the top class of international racing. This has been rumored for a while.

McLaren and Audi deny reports last year of a partnership being formed between their brands, saying that it is still in discussion. However, a decision can be expected later this year.

One source claims that McLaren will be offered by Audi for 500 million euros (or $5556.30 million). Porsche plans to partner with Red Bull over the long-term, starting within several years.

Although Volkswagen was not involved previously in Formula One, it has been in collaboration with Red Bull in other events such as the World Rally Championship. McLaren was unavailable for comment, as were Red Bull.

According to Reuters, a November source said that Volkswagen would ultimately make its decision on whether Formula One will follow through with its plan to transition to synthetic fuels in 2026 and McLaren’s progress on electrification.

Volkswagen is the world’s largest carmaker to invest in electric vehicles and batteries. This was in an effort to improve its image after the Dieselgate scandal, and stay in compliance with the government’s carbon reduction targets.

Volkswagen is currently struggling with uncertainty over the financial impact of Ukraine’s war on its finances. This decision will be made at the next Thursday’s meeting.

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