Mercedes parent Daimler has hit back at reports suggesting the works team could be pulled out of Formula 1.

German publication Auto Bild also claims Toto Wolff is set to withdraw as boss, take up a Niki Lauda-style supervisory board position, and potentially even take over the team together with new Aston Martin partner Lance Stroll.

The deal could reportedly involve Stroll swapping shares in Aston Martin with Daimler.

But Daimler's head of communications Jorg Howe told DPA news agency: "We have no plans to withdraw from Formula 1.

"There is no decision and no reason to exit Formula 1," he added.

As for Wolff's future as team boss, Howe responded: "Toto is and will remain our team boss beyond the (2020) season."

In a separate statement to the media, Daimler called the reports "unfounded and irresponsible".