Toto Wolff is engaged in final negotiations to offload part of his ownership stake in the Mercedes Formula 1 team.
The deal estimates the Mercedes team at £4.6 billion – an unprecedented figure for an F1 team – following the McLaren team was appraised at £3.5 billion in an adjustment to corporate structure last September.
The Austrian executive, who holds a 33% stake of Mercedes F1, would sell a shareholding approximately 5%.
The 53-year-old will remain as team boss and chief executive officer should the deal proceed.
Remaining partners in the team are Mercedes and chemicals giant Ineos Group, who both hold one-third of the enterprise.
An official representative said: "We are providing no official statement on this. The management structure of the team will remain unchanged, and all three partners are dedicated to continued achievements of the brand in Formula One."
This arrangement signifies a substantial rise in worth of Mercedes F1 since Ineos bought its share for £208 million in 2022.
The rise demonstrates the expansion in valuations of Formula 1 outfits recently due to the growing popularity of the sport globally.
This was also seen in the success of the F1 movie starring Hollywood star Brad Pitt, which was released in summer 2023 and earned more than $630 million (£458 million) at cinemas worldwide.
The film represents Pitt's most successful film and the highest-earning sports movie to date.
Mercedes are second in the constructors' championship, trailing McLaren, with three races left this season.
Their lead driver George Russell has won two of the 21 grands prix this year and is in fourth place in the individual standings behind McLaren drivers Lando Norris and Oscar Piastri, and Red Bull Racing's Max Verstappen.
Mercedes won a record eight straight constructors' championships and seven driver championships, six won by Lewis Hamilton and one by Nico Rosberg, between 2014 to 2021.
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