Lotus’ ambitions of switching to Renault power for the 2011 season seem to be all but confirmed with Cosworth announcing that it had agreed to end its three-year deal to supply Lotus with customer V8 engines.

Lotus is set to make a host of announcements about its 2011 plans The Malaysian-owned squad has already agreed to an in-principle deal with Renault to obtain use of its engines, gearboxes, transmissions and KERS units, confirmed earlier this week.

“Cosworth has reached an agreement in principle with Lotus Racing whereby the team’s Cosworth engine supply agreement will come to a conclusion at the end of the current Formula 1 season,” a statement issued by Cosworth confirmed.

“This agreement is subject to contract and until the agreement is signed, neither party will be making any further comment.”

Lotus is poised to make several key announcements at next fortnight’s Singapore Grand Prix, which include key announcements regarding its 2011 driver line-up and sponsorship roster.

It is believed that both Heikki Kovalainen and Jarno Trulli will be confirmed as staying on with the outfit next year.

The news that will be announced is the change of team name to ‘Team Lotus’ from next year, as opposed to the ‘Lotus Racing’ name currently used.

It is believed that team owner Tony Fernandes has purchased the naming rights from David Hunt, brother to the late 1976 World Champion, James.

In the outfit’s former guise until its closure in 1994, it raced under the ‘Team Lotus’ moniker.

[Original image via LAT]

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Richard Bailey

Founder & Chief Editor at MotorsportM8
Hasn't missed a Grand Prix since 1989. Has a soft spot for Minardi. Tattooed with 35+ Grand Prix circuits.