Kevin Magnussen's chances of staying at Renault next year have received a significant boost, according to the latest reports from Denmark.

Newspaper BT claims that, with the 2017 'option' in the 23-year-old's existing contract having expired last weekend, Magnussen has now agreed to extend the option until October 14.

Magnussen confirmed the news.

"Renault asked for their option on me to be extended, and I accepted," he said.

"I want to show my patience and loyalty to the team. They showed me great confidence in giving me the chance to return to formula one this season, and I hope that our cooperation will continue."

Renault are openly re-thinking their 2017 driver lineup, with Sergio Perez now re-committing to Force India for next year.

Magnussen's advisor Jesper Carlsen told Ekstra Bladet that, with the extended option now in place, talks with Renault are on.

"We have a good dialogue with the team," he said. "Kevin is very interested in continuing to be a part of their ambitious project, and it looks positive with regards to an agreement on an extension."

Magnussen is 16th in the drivers' championship ahead of this weekend's Japanese Grand Prix.