Christian Horner says a potential engine tie-up between Red Bull and Porsche would be "eye-wateringly exciting".
Last week, Volkswagen, the parent company of Porsche and Audi, confirmed they had entered the "final evaluation phase" over plans to enter Formula 1 when new power unit regulations are introduced in 2026.
It is suggested, however, that the German manufacturer is simply waiting for the final agreement on the new engine formula to be reached in the coming months.
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While previously, VW was expected to only enter F1 with one brand, now there is a strong chance both will join the grid but have different arrangements as Audi potentially goes it alone with a works team, potentially buying an existing team, while Porsche teams up with Red Bull's new Powertrains division.
"Firstly, it's great news for Formula 1 that brands such as Porsche and Audi are looking at entering the category," Horner said when asked about the possibility of a partnership in Australia.
"And it's great to hear there is that clear intention subject to the regulations to enter the sport
"Now, where we are on our journey [with Red Bull Powertrains], it's non-dependent on an OEM coming in and partnering with the team," he noted.
"But, of course, it would be very logical to hold those discussions, and now we have that clarity from VW's side, it would be sensible for us to engage in more detailed discussions.
"It's exciting for Formula 1, it's exciting for Porsche and Audi, and a potential link-up with Red Bull would be eye-wateringly exciting."
Confirming Red Bull's progress on their new engine project, Horner revealed it will move into its new Milton Keynes facility next month.
Additionally, he claimed a single-cylinder engine built to 2026 spec will be on the dyno "imminently", although it is understood this can't happen before July.
