McLaren racing director Eric Boullier has confirmed the team remains on the verge of securing a deal with a new long-term title sponsor.

Group CEO Ron Dennis revealed ahead of the start of the season that McLaren would have a title sponsor in place this year, expecting a deal to be concluded at some point during the opening rounds of the season, and while he later said the 2-3 result in Melbourne would help, as yet nothing has been announced, even though the circus is now set to return to Europe with the Spanish GP next up on May 11.

Quizzed on the situation during a McLaren phone-in this week, Boullier told reporters, including Crash.net, that everything is still proceeding.

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"The plan Ron discussed [with regard to a title sponsor] is happening. But until we have signed the package, signed the final contract, nothing will be announced or changed," Boullier replied. "[And] as long as we are in that position we will keep going with what we are doing now."

The team has been without a title sponsor since the partnership with Vodafone ceased at the end of 2013. As such McLaren have featured different sponsors on the sidepods on the MP4-20 of Jenson Button and Kevin Magnussen at all four races so far with Mobil 1, Esso, Gulf Air and SAP appearing in Australia, Malaysia, Bahrain and China respectively.

So will this situation affect the team's budget for the 2014 F1 season?

"Not at all," Boullier insisted..