After being part of Mercedes-AMG High-Performance Powertrains (HPP) for 16 years, Cowell stepped down as managing director midway through last year.

Cowell was instrumental in Mercedes’ dominance in the hybrid era, winning six drivers’ and constructors’ championships during his tenure.

With Honda exiting the sport at the end of the season, Red Bull will be responsible for the manufacturing of its own engines.

Red Bull Powertrains has been created as a consequence and it is on a serious recruitment drive.

The Milton-Keynes outfit has already signed Ben Hodgkinson from Mercedes, while it confirmed five further signings from the reigning world champions earlier this month.

Horner has denied any suggestions that Red Bull has tried to sign Cowell.

“Obviously there’s a lot of media traction on these topics with personnel joining this obviously new venture but I can say I was surprised to read this story this morning that apparently Andy has agreed to join us because that isn’t the case,” Horner said in Monaco.

Toto Wolff was asked about the same rumours.

“I speak to Andy every week about different things and for me it doesn’t seem that he is going to Red Bull,” Wolff added. “But in this sport we have seen many black swans, so at the moment, what I think is he’s not going there.

“It would be a big surprise [if he joined Red Bull] because it would mean it’s different to what we have discussed but there is nothing stopping him from taking any decision, whether he continues on his entrepreneurial journey or returns to Formula 1 in a different role.”