Jul.3 (GMM/Inautonews.com) Renault has decided to return to full team ownership in formula one.

That is the claim of multiple international media sources, including France’s Autonewsinfo, citing the confirmation of people close to the news.

It appears the French carmaker has struck a deal with the Enstone based team currently known as Lotus, which until 2009 was already Renault’s works outfit.

The reports say Renault is initially buying back 51 per cent of the team from Gerard Lopez’s Genii company, while quadruple world champion Alain Prost is set to play a key role.

It is believed Renault will have to pay a financial penalty for breaching Lotus’ existing engine contract with Mercedes.

And the news will ramp up speculation Renault’s own engine customers, Red Bull and Toro Rosso, will have to revert to Ferrari power or quit the sport.

When asked about the latest Renault rumours, current Lotus driver and Frenchman Romain Grosjean admitted the speculation is “exciting”.

“Being a fan of formula one, I really want to see a French team, and to hear ‘La Marseillaise’ on the podium,” he told RMC Sport.

“The rumours about the return of Renault is something pretty cool and definitely something that is tempting for me,” Grosjean added.

As for the related rumours about Prost’s F1 return, the 29-year-old continued: “He is a gentleman of motor sport. It would be nice to work with Alain.”