Renault company chief Carlos Ghosn said Thursday a final decision on the future of their Formula One team would be taken "before the end of the year".

According to reports Renault are considering following in the wake of Japanese car manufacturer Toyota and pulling out of the sport.

Ghosn did not deny that would be the case, saying: "We don't want to disrupt the team by making public statements, but I can guarantee that before the end of the year we will announce our intentions regarding the participation of Renault in Formula One."

According to the BBC the French car company held an emergency meeting Wednesday to consider whether to remain in Formula One, switch to become an engine supplier only to teams, or exit the sport altogether.

Renault has been dogged in recent months by a race-fix scandal in which they decided not to contest charges that Nelson Piquet was ordered to deliberately crash in Singapore last year to help teammate Fernando Alonso to victory.

Renault's former team boss was banned from the sport indefinitely and its chief engineer was suspended for five years.

Renault finished a dismal eighth out of 10 in the constructors' championship after the final race of the season on Sunday in Abu Dhabi.