According to Paris daily Le Figaro, French carmaker Renault is about to sell its remaining 25% stake in the Renault F1 Team to national carmaker Proton, and that the deal will be formalised this Wednesday, citing unidentified people close to the matter. Renault has already sold 75% of the team to Genii Capital Partners last year.

Proton’s wholly owned subsidiary Group Lotus will be the team’s sponsor, and will pour about 30 million euros ($41 million) annually over five years into the team, the report said, adding that the team’s new name may be Lotus-Renault as the French automaker will continue supplying engines. Renault engines will also power champions Red Bull Racing and Lotus Racing next season.

Rumours of a “Lotus-Renault” surfaced earlier this month. When questioned, Renault CEO Carlos Ghosn not only did not deny the rumour, but hinted strongly at the possibility of a name change for the F1 team. Click here to read what he said.