The BBC is reporting that the Renault team will race on in Formula 1 next year after a deal was struck to secure its future.
The company had considered its future in F1, but sources say its team will continue under new owners with Renault keeping a minority shareholding.
The team name is unclear but it seems the car will race as a Renault.
The two front-runners in the race to take over the team were Luxembourg businessman Gerard Lopez, and David Richards, the boss of the British motor racing engineering firm Prodrive and former team principal of Benetton and BAR in F1.
Some sources say Renault will retain a 25% share in the team.
The team's future has been in doubt since Renault held an emergency board meeting in early November to discuss whether to continue in F1.
Renault were handed a ban from F1, suspended for two years, after being found guilty of asking Nelson Piquet to crash deliberately in the 2008 Singapore Grand Prix to aid Fernando Alonso's chances of winning.
Team boss Flavio Briatore and engineering director Pat Symonds were banned from motorsport for their part in the conspiracy - Briatore for life and Symonds for five years.
Both are contesting their bans in the French courts, with a verdict due in the new year.