Toto Wolff is engaged in advanced talks to sell part of his ownership stake in the Mercedes F1 outfit.
This transaction values Mercedes at £4.6bn – a record for an F1 team – following the McLaren team was appraised at £3.5bn in a change of corporate structure last September.
The Austrian executive, who holds one-third of Mercedes F1, plans to divest a stake approximately 5%.
The 53-year-old will remain as team boss and CEO should the deal proceed.
The other shareholders in the team are Mercedes-Benz and chemicals giant Ineos Group, who both hold a third of the enterprise.
An official representative stated: "We will be making no official statement on this. The management structure of Mercedes F1 stays unchanged, and all three partners are fully committed to continued achievements of the brand in Formula One."
The deal signifies a significant increase in worth of the Mercedes team since Ineos Group bought its share for £208 million in 2022.
This surge reflects the growth in market values of Formula 1 outfits recently as a consequence of the increasing appeal of the sport around the world.
This trend was evident with the box-office performance of the F1 movie starring Brad Pitt, which was released in summer 2023 and earned more than $630 million (£458 million) at cinemas worldwide.
It is Pitt's most successful movie and the most successful sports movie ever released.
The Mercedes team are runner-up in the team standings, behind McLaren, with three races remaining this season.
Mercedes' primary racer George Russell has secured victory in two of the 21 races this year and is fourth in the drivers' championship after McLaren drivers Lando Norris and Oscar Piastri, and Red Bull Racing's Max Verstappen.
The team won a record eight straight constructors' championships and seven driver championships, six for Lewis Hamilton and one by Nico Rosberg, from 2014 to 2021.
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