Mercedes executive director Toto Wolff is refusing to get carried away with suggestions that his team will be favourites when the 2014 Formula 1 campaign gets underway in Australia next month.

The Silver Arrows' drivers Lewis Hamilton and Nico Rosberg managed 309 laps at the opening pre-season test at Jerez, considerably more than the rest of the grid. This, combined with solid pace, has led many observers to suggest that the German manufacturer would be strong contenders for both titles.

However, despite saying that he is "cautiously satisfied" with their progress, Wolff was quick to play down talk of winning championships and suggested it may take a number of races before frontrunners emerge.

He was quoted by Planet F1 as saying: "If you look back through past seasons, the favourites after the first few days of testing are not always in the same position at the first race.

"A few different teams have looked strong so far in different ways but we won't know the full story for a while yet, not even after the first couple of races I wouldn't say."

Mercedes will have two tests at Bahrain before the season gets underway in Melbourne on March 16.