Red Bull Team Principal Christian Horner says there are still "many caveats" to Porsche's proposed entry into Formula 1 for 2026.
In recent months, the Volkswagen-owned automaker has been heavily linked with a move into F1 and a potential tie-in with Red Bull.
These rumours gathered pace this week, when reports indicated that Porsche plans to take a 50 per cent stake in Red Bull Technology, which constructs the team's cars.
However, speaking after Friday practice in Hungary, Horner said there was a long way to go before any agreements would be reached.
"Obviously, plenty of speculation, and I think I've said numerous times we're engaged in constructive discussion with Porsche," Horner told Sky Sports F1.
"I think Porsche coming into Formula 1 would be a really positive thing, but there's so many caveats to that."
Horner added that, before committing to join the sport, Porsche were waiting to see what form F1's new engine regulations take for 2026 – with an announcement on that front expected during F1's summer break in August.
"There's the regulations to sort out, and we're only at the very beginning of a process where discussions can begin, but the first actual hurdle for any manufacturer coming in is those technical regulations for the power unit from 2026 onwards," said Horner.
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Horner: Red Bull are in a great position
With Red Bull having a commanding lead in the 2022 Constructors' Championship, and Max Verstappen comfortably heading the Drivers' standings, Horner added that his team was currently in rude health.
"I think we're in a great position," added Horner.
"The team is very strong, Red Bull Powertrains is going from strength to strength, and we've recruited some more great talents, some more announcements coming out soon, some significant recruitment into the team.
"For us, we're on a journey. Where that that takes us in the future if we decide to take on a partner, only time will tell.
"But I think we're in great shape and looking forward to seeing exactly what these new regulations say on a sporting, technical and, most importantly, financial basis."
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