(CNN) -- Team Lotus, who are sponsored by CNN, have reached an agreement to end their engine supply deal with Cosworth at the end of the season.
Lotus, along with other newcomers Virgin and Hispania Racing, were all handed places on the F1 grid on the condition that they signed three-year contracts for Cosworth to supply them with engines.
However, Lotus have decided to end that deal after just one season, amid rumors that Renault will be their new engine supplier for the 2011 and 2012 seasons.
A team statement read: "Cosworth has reached an agreement in principle with Lotus Racing whereby the team's Cosworth engine supply agreement will come to a conclusion at the end of the current Formula One season.
"This agreement is subject to contract and until the agreement is signed, neither party will be making any further comment."
If Lotus do join forces with Renault engines, they will become the second team on the grid -- after Red Bull -- to join forced with the French supplier.
