A much anticipated announcement that Porsche and Audi are to enter F1 was not to be, as parent company Volkswagen continues to ponder the move.

With the Volkswagen Group's supervisory board meeting on Thursday, following months (years?) of speculation, it was anticipated that the Australian Grand Prix weekend might witness official confirmation that Audi and Porsche are to enter F1.

However, all that came out of the meeting was a brief statement from Audi confirming that the move is still under consideration.

Essentially, everything depends on the new engine formula F1 is to introduce in 2026.

"This gives our company the opportunity to demonstrate "Vorsprung durch Technik" in the pinnacle of motorsport from 2026," read Audi's statement.

"We have not yet made a decision as we are currently in the final evaluation phase," it continued. "At this point, the new regulations for 2026 and subsequent years are not yet available.

"These will set out far-reaching changes to make the sport more sustainable, which is a prerequisite for Audi's possible entry.

"Audi Sport is discussing these matters directly with the Federation Internationale de l'Automobile (FIA). Our decision will be announced as soon it has been made."

Christian Horner, whose Red Bull team is being linked with Porsche, was among the first to react.

"It's great news for Formula 1 that two brands like that are looking at entering Formula 1," said the Briton. "Of course, it'd be natural for us to hold discussions with them."

While currently involved with Honda, going forward Red Bull Powertrains is seeking a new partner as the Japanese manufacturer winds down its programme.

Asked about taking on a new partner in preparation for the new formula in 2026, Horner said: "It would be very easy, but it would have to be with the right partner.

"It would therefore be logical for us to hold discussions with both OEMs, any serious OEM. For us, Powertrains is ongoing, it's on schedule, and we're really excited about the talent that we've managed to attract into the business."

Meanwhile, Audi is linked with a possible buy-out of the McLaren operation.

Check out our Friday gallery from Melbourne, here.