Volkswagen has once again dismissed speculation it is considering entering F1 and competing against the likes of Ferrari and Mercedes.

There had been some reports recently that a link-up with current champions Red Bull Racing might be on the cards, after Red Bull boss Dietrich Mateschitz admitted such a proposition would be 'interesting' [see separate story - click here].

Speaking yesterday though, Ulrich Hackenberg, Volkswagen's head of technical development, said that is not something that is on the agenda, he also added there are no plans to compete in NASCAR either.

"We don't have that on the program," he told Reuters. "I should know what I am talking about, since it would come out of my budget."

Interestingly though, no mention was made of the World Rally Championship and it is believed VW could make an announcement on that before the end of the month.