**Toyota is to hold a press conference at 0800 GMT on Wednesday amid reports that it is to quit Formula 1.**Japanese media claims that the world’s largest car manufacturer is set to leave F1 in an attempt to cut costs.
Toyota has not won a grand prix since making its F1 debut in 2002 and finished fifth in the constructor championship this season.
Williams announced last month that it would be replacing its Toyota engine with a Cosworth for next season.
Long-term Toyota driver Jarno Trulli was second in last month’s Japanese Grand Prix, equalling the team’s best finish to a race, which they achieved on four other occasions.
Japanese driver Kamui Kobayashi joined Trulli for the final two races of the season after regular driver Timo Glock was injured.
Germany’s Ralf Schumacher, France’s Olivier Panis and Britain’s Allan McNish have also all driven for Toyota over the years.
Honda and BMW have already left F1 and Toyota’s withdrawal would leave the sport with no Japanese team.
Japanese tyre firm Bridgestone announced on Monday that it would not be renewing its contract to supply F1 after its current deal runs out at the end of the 2010 season.
More to follow.