Kevin Magnussen is expected to be revealed as a Renault F1 driver by at least Wednesday as Pastor Maldonado looks likely to be dropped due to a sponsorship dispute.

The Venezuelan was confirmed with the team under its former Lotus setup last September and had been expected to become the team's senior driver alongside debutant Jolyon Palmer as the Enstone-based squad made the transition into full Renault ownership.

However, Renault bosses had counted on the backing that Maldonado provides from state-run oil firm PDVSA but it is believed to have failed in meeting the terms of the deal due to plunging oil prices and as a result the 2012 Spanish Grand Prix winner will be taken out of the fold.

As a result, this has opened an opportunity for former McLaren driver Magnussen to take his place, with a source confirming to Crash.net that the Dane is close to sealing a deal which should be announced by Wednesday.

When contacted, Renault said its drivers will be presented as planned when the firm officially launches its 2016 F1 campaign on Wednesday 3rd February at a ceremony in Paris.

Former Formula Renault 3.5 driver Magnussen made his F1 debut in 2014 with the McLaren-Mercedes team but was demoted to reserve driver in 2015 to make way for Fernando Alonso, before being dropped altogether towards the end of the season.

Though he is a former GP2 Series champion and claimed a shock win in the 2012 Spanish Grand Prix for Williams, Maldonado's reputation for incidents has earned him an unenviable reputation during his time in F1..

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