It's claimed that Ron Dennis is to step down as chairman and CEO of the McLaren Group at the end of the year when his contract will not be renewed.

The claim, by Autosport, suggests the Briton has been told by the board that he will not get a new contract when his current one expires at the end of the year, follows an unsuccessful bid to raise the necessary funding to buy out Mansour Ojjeh and the Bahraini sovereign wealth fund Mumtalakat which own 25% and 50% of McLaren Group, Dennis holding the remaining 25%.

While the road car division, McLaren Automotive, would not be affected, if it happens the move, which would see Dennis end a 35-year involvement in an F1 team which has won ten drivers' titles and seven constructors' titles, leave the role of CEO of the group which includes McLaren Racing, McLaren Marketing and McLaren Applied Technologies.

Dennis stepped down as team principal at McLaren in 2009 and returned in 2014 ahead of Honda's much anticipated return to F1, the pair having forged a remarkable multi-title winning partnership in the late 80s and early 90s.

However, in the two seasons since Honda's return, the Woking outfit has struggled and following a disastrous 2015 is currently looking likely to finish sixth in the 2016 team standings.

However, McLaren denies that Dennis is to step down, a spokesperson saying: "In response to your question, Ron Dennis responded by stating categorically that he is not stepping down.

"Moreover, he remains contracted as chairman and chief executive officer of McLaren Technology Group, and he retains a 25% shareholding in the Group - exactly equal to that of Mansour Ojjeh.

"Over many years, many decades in fact, McLaren shareholders have often entered into dialogue on the subject of potential equity movements and realignments, and Ron and Mansour have always been central to those discussions.

"That is still the case. Their recent conversations can therefore be categorised as 'more of the same'.

"However, it would be inappropriate to reveal further details of such discussions, which are of course private and confidential."

The claim comes weeks after technology giant Apple Inc was reported to be eyeing a £1.5bn buy-out of the McLaren Technology Group, a move denied by McLaren at the time.