Red Bull owner Dietrich Mateschitz has confirmed the team will split with Renault as engine supplier for 2016, with Ferrari and Volkswagen mooted as possible replacements.

French suppliers Renault have struggled badly since F1 changed engine regulations ahead of the 2014 season, with Red Bull suffering particularly, having won four consecutive drivers' and constructors' titles before the switch.

A fall from the title picture as Mercedes power has begun to dominate the grid has been exacerbated by Ferrari's rise to prominence this term – led by former Red Bull star Sebastian Vettel.

Media reports over the weekend of the Singapore Grand Prix have suggested Volkswagen could enter F1 for the first time by taking over Red Bull in time for 2018, with Ferrari engines used in the interim.

This suggestion was strongly hinted at by Mateschitz when asked about a potential deal with Ferrari by Speedweek.

Mateschitz sees no reason why working with a rival on the grid could not work in the short-term after "positive" talks between the parties.

"That would be an acceptable [solution] for the next two or three years," the Austrian billionaire said.

"The separation from our engine partner at the end of the season is by mutual agreement. 

"There was no sense in working together any more. You couldn't put the teams through that any longer.

"It is not our aim to be fifth or sixth in the world championship. We need a new engine."