McLaren executive chairman Ron Dennis could be poised to replace Martin Whitmarsh and return to head the company's F1 team, it has been alleged.

According to reports by Sky News, in an article headlined: 'McLaren Boss Dennis Plots ?125m Share Swoop', Dennis "is in talks about financing a buyout of a fellow shareholder in the automotive group as a possible prelude to a return to the helm of its F1 team."

The report by Sky News city editor, Mark Kleinman, adds: Dennis "is understood to be targeting a deal that would see him acquiring the 25% stake in McLaren Group owned by Mansour Ojjeh, a Saudi businessman.

"The McLaren boss, 66, is said to have met a number of prospective Chinese investors about raising the capital in recent days, although it is unclear whether any firm proposals have been tabled."

The report also goes on to say that Dennis is thought to be interested in buying the 50% stake, which is owned by the Bahrain-based sovereign wealth fund, Mumtalakat and that doing so would give him overall control.

A spokesperson for McLaren meanwhile merely pointed out that Ojjeh's shares are not up for sale.

"Mansour Ojjeh has not expressed any desire to sell his shareholding. So it is business as usual for all at McLaren, and we are fully focused on developing our new F1 car so as to improve our on-track performance for the 2014 season."

Dennis stood down as team principal of the McLaren F1 team in 2009 and since then has focused on the automotive side of the McLaren Group.