Vitaly Petrov looks set to reveal his future plans this week after announcing that he will hold a press conference in Russia on Wednesday.

Petrov will hold the event at the Press Centre of Television and Radio Russia, where he plans to discuss his first season in F1 and 'share his plans for the future'.

The first Russian in F1 has been under pressure to retain his drive with Renault after a mixed debut season, with a number of incidents over the course of the year meaning he managed just 27 points compared to the 136 scored by team-mate Robert Kubica.

However, in recent weeks, Petrov's hopes of staying on have increased after Group Lotus CEO Dany Bahar revealed that he is the favourite to fill the second seat with the newly-branded Lotus Renault GP team.

With Bahar having stated that Petrov is the 'preferred choice', it would be something of a surprise if the announcement later this week is of a programme other than a second year of F1.