The speculation involving Fernando Alonso's immediate future continues to rumble on with latest reports adding further credence to Ross Brawn's claims Honda were looking to poach him for 2009.

Although Brawn admits that it is Ferrari that Alonso has set his sights on, the current driver situation there is making it look particularly tricky for the 2005 and 2006 World Champion to muscle his way into the team.

As such, an alternative could be found at Honda after Italiaracing.net reported that Spanish oil giants Repsol are thought to be interested in a move to Formula 1.

The company already has a strong involvement with Honda through MotoGP, with home hero Dani Pedrosa something of an icon for the brand. It is thought Repsol could be willing to bankroll Alonso's wage demands for Honda and possibly become a title sponsor.

It remains to be seen though whether Alonso will be willing to switch to Honda if his hopes of a drive at Ferrari fall through. Adding to the ever-active rumour mill is the option of him remaining at Renault until 2010, or perhaps switching to BMW to replace the out-of-form Nick Heidfeld.

Much appears to hinge on the movements of Kimi Raikkonen in particular, with the Finn thought to be considering retirement as early as this year.

Indeed, Spanish newspaper AS has speculated that Raikkonen may decide to leave Ferrari this year if he doesn't defend his world title. Furthermore, the paper adds that his demeanour and partying reputation doesn't sit well with the traditionally fastidious Scuderia

With that in mind, Alonso's perseverance to wait for Ferrari could well pay off, although the link up with Repsol, who were last seen on an F1 car back in 2001 with Arrows, and race winners Honda could prove to be a very solid fall back plan for the Oviedo man.