Tag Heuer is set to bring an end to its 30-year partnership with the McLaren F1 team as it prepares to move to its rival Red Bull in 2016, the company's CEO has confirmed.

Tag Heuer, owned by the TAG Group, is McLaren's oldest commercial partner and owns a 25% stake in the McLaren group but after the F1 team's difficult season with the return of Honda the Swiss watch maker is switching to Red Bull.

"Yes, we just signed with Red bull in F1 for next season," Tag Heuer CEO Jean-Claude Biver has told Swiss magazine L'Hebdo. "It's a young, dynamic and go-getter team, perfectly matching the strategy of TAG Heuer."

The decision will come as a blow to the Woking-based squad who had been seen to be struggling to attract new sponsors due to its poor performances in 2015, with the team sitting ninth in the F1 Constructors' championship.

The large gaps on this year's McLaren car livery and race uniforms had been speculated for potential new sponsors to arrive imminently but none have been forthcoming.