Toto Wolff says he is “contemplating” whether to revise his role within the Mercedes Formula 1 team. 

Wolff’s future has been the subject of much speculation in recent months with his Mercedes contract set to expire at the end of the year, but he has stressed he remains committed to the German manufacturer.

One option for Wolff could be to take a step back from some of his current responsibilities as team principal but maintain his executive role, meaning he would no longer have to attend every race - something he has recently hinted at.

Mercedes technical director James Allison, who stood in for Wolff when he missed last year’s Brazilian Grand Prix and has also replaced the Austrian during a number of team principal meetings this year, could take further responsibilities in such a scenario.

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"Something I am really proud of in our team is that we have always transitioned senior members of the team into different roles, we have brought up talent and the same applies to me,” Wolff said.

“I have been lucky enough to be at the helm of Mercedes since early 2014, with years that I wouldn't want to miss. I really enjoy the interaction and working with all of my friends at the F1 team and Daimler - this is something I wouldn't want to miss.

“Nevertheless, I need to question myself. I don't want to become a Team Principal that goes from great to good without realising that he is maybe not adding as much anymore to the team as you did in the beginning.

“I still feel that I can add a lot, but of course I am contemplating about my future, I am in discussions with Ola [Källenius, Daimler CEO] about how that goes.”

Wolff said he does not expect to make a final decision before the season gets underway next month in Austria on July 5.

“It is not a simple employment contract, but it involves a shareholding and we are in the midst of the process in carving out our joint future,” he added.

“Therefore, I don't want to stick to some form of a particular wording, whether it is Team Principal or Managing Director.

“To be honest with you I haven't taken any decision yet because we haven't even started racing. All these agreements and discussions are happening as we speak.”

Wolff once again reiterated his intention to remain at the world champion outfit as he laughed off rumours of a rift between himself and Daimler chief Källenius.

“Ola and I had quite a laugh together when these rumours came up that there was some dysfunctionality in our relationship,” he explained. “We speak on the phone many times every week and he's very involved.

“He’s a very good sparring partner for myself that I wouldn't miss in the same way that Dieter was.

“On my future, I have bought a few shares in Aston Martin as a financial investment. I believe in the brand, I think the strategy that is being deployed makes sense.

“Tobias Moers, the new MD, is a guy that I have known for a long time and I believe that he can turn around this business. There is a very strong group of shareholders that are backing Aston Martin today that will not let it down and therefore I have decided to be part of that group.

“My executive functions are unchanged. I am at Mercedes. I am the Team Principal and I am a shareholder. It's clear that when there are no other headlines out there, that the Aston Martin thing caused some waves.

“But I am planning with Mercedes. I have the best intention to stay here and that is unchanged.”