Lotus to team with Toyota instead of Renault in 2011?

UPDATE According to what we hear Lotus will name the “new" (old) name of the team in Singapore as well as Renault supplying engines.

09/17/10 (GMM) Lotus has informed the media that it will be making "a number of very exciting announcements" in Singapore next weekend.

It is widely expected that the new team's current drivers will be retained for another season, and that Lotus Racing will take on the historic Team Lotus moniker for 2011 and beyond.

And according to the rumor mill, with the team's 2011 contract with Cosworth now dissolved, Lotus will be confirming an engine and gearbox deal with Renault.

But the Italian language Autosprint reports that Malaysian-owned Lotus could actually be set to announce a technical cooperation with Toyota Motorsport, the Cologne based outfit that raced in formula one between 2002 and last year.

Toyota is currently supplying Pirelli with a 2009-spec test car, and has been linked with a technical collaboration for 2011 with HRT, the struggling Spanish team.

But Autosprint reports that Lotus and Toyota are in fact set to collaborate, with Mike Gascoyne proving the crucial link between the two outfits.

Several former members of Toyota's F1 team are now working with Lotus, such as sporting director Dieter Gass.

"We have to do something different and it will be done soon," team boss and owner Tony Fernandes told the BBC at Monza last weekend.

"Lots of negotiations have gone on over the last couple of weeks and we're very happy with the outcome," he added.