Carlos Slim, a Mexican billionaire, was reported this weekend to be considering whether to buy the Honda Formula One team in a deal that would allow Jenson Button to retain his seat alongside Bruno Senna, the Brazilian newcomer.

Up to four parties are thought to be looking at the 700-strong Brackley-based team, who were dumped by Honda when the Japanese car giant withdrew from Formula One without warning this month, leaving managers until the end of January to find a buyer or face winding up the business.

Reports in Italy suggested that a deal had already been done to save Honda involving Slim, who is ranked as the world's second-richest man with a net worth of $60billion (about £41billion). However, Honda sources would not confirm yesterday that a sale has been approved, or comment in any way on the reports.

Slim is thought to have first contacted the team last season about a sponsorship link-up with Telmex, his telecommunications business of which a subsidiary sponsors Senna. When Honda pulled out of the sport, he then switched to looking at the possibility of buying the team and it is thought that talks with Honda managers will resume in early January.

The three other possible buyers are reportedly a Kuwait consortium led by David Richards, the owner of Aston Martin, Achilleas Kallakis, the Greek shipping magnate and a Swiss group. If Slim were to take over the team, there is every likelihood that he would make available the considerable sums required to keep them running at or near their present size. Slim offers the opportunity for Senna to take his first steps at the pinnacle of motor sport, which was once dominated by his legendary uncle, Ayrton.

The Formula One driver market has been alive over the weekend with fresh rumours, also from Italy, that Fernando Alonso has concluded a secret deal with Ferrari to drive for them for four years from the beginning of 2011. Ferrari have denied they have signed the Spanish double world champion, who will continue at Renault next season.

Ferrari have Kimi Raikkonen and Felipe Massa under contract until the end of 2010 and, on present form, it could be the Finn who will make way if Alonso does move to Maranello. Reports in Italy suggested that although 2011 would be the Spaniard's starting season, the move could be made a year earlier if Raikkonen fails to buck up his ideas next year.

While Ferrari have repeatedly made clear that they are happy with their driver pairing, Luca di Montezemolo, the company president, underlined recently his great admiration for the Spaniard. “Alonso is a fantastic driver,” he said. “I like him very much. But, for the present, we don't have any problems with our drivers.”