Flavio Briatore formed the Renault team in 2001

It has not yet been revealed which of the two Red Bull teams Renault would supply, but it is expected to be senior outfit Red Bull Racing.

"We are in negotiations but it's not done yet - done meaning when you sign the deal," said Renault team chief Flavio Briatore.

"But we are working to finalise it this week and supply engines to Red Bull."

Briatore said it would be up to Red Bull boss Dietrich Mateschitz to decide which of his teams would use the Renault engines.

But it is known that Red Bull's chief technical officer Adrian Newey is pushing for it to be the lead team, for which he leads design on the car.

Ferrari are due to supply Red Bull Racing's engines for next year, but the team want to move them to Torro Rosso, who have used Cosworth engines this year.

Ferrari have so far indicated that they do not approve of this plan.

Renault do not supply engines for anyone else at the moment, but Briatore said the bigger teams owed it to help the smaller teams to make the championship more competitive.

There are two Red Bull teams, Red Bull Racing and the junior team Torro Rosso.