Martin Brundle has denied reports that he is ready to sign a deal with Sky to form part of its commentary team for the 2012 F1 season despite admitting that he does have an offer on the table from the broadcaster.

Brundle revealed to his Twitter followers prior to the weekend that he would be commentating on the sport again next season and had offers from both Sky and his current employers the BBC.

A report in the Daily Telegraph claimed that Brundle was now close to agreeing a deal to join Sky for next season, when the satellite broadcaster will show live coverage of every race on the calendar - with just ten remaining live on free-to-air.

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The report suggested that Brundle could put pen-to-paper on a ?1 million deal with Sky yesterday [Monday], but the former racer insisted that nothing has yet been agreed in regards to his future.

"Telegraph was wrong," he said on Monday evening. "I didn't sign ?1m Sky contract today. Calmly working through it, will end up doing what satisfies me most professionally."

The Telegraph report had suggested that Brundle would return to a co-commentary role with Sky, with current 5Live commentator David Croft taking up the main commentary role - although he too has denied any kind of deal being in place.

"Lots of tweets today following the story in the Telegraph," he wrote on his Twitter account. "Honestly folks, I've nothing to tell you but thanks for the comments, all of them."