Apple may be maneuvering to buy McLaren Technology Group, parent company of McLaren Automotive and the McLaren Formula One team, the Financial Times recently reported.

The tech company is considering either purchasing McLaren or making a significant investment in it, according to the Financial Times report, which credits its information to three people purportedly briefed on the negotiations, said to have kicked off months ago.

It’s long been rumoured that Apple is working on the development of its own electric-powered fully autonomous car. Having dominated the smartphone market and built up significant cash reserves in the process, many Apple analysts believe the innovative technology company may be looking for “what’s next“–and a major foray into personal mobility may be it.

A partnership with or takeover of McLaren would be advantageous to Apple in its efforts to launch its own car, affording the company world-class expertise in the areas of advanced materials science, lightweight construction, aerodynamics and manufacturing processes.

However, other reports suggest Apple is not interested in McLaren’s automotive operations at all, and are instead keen on snapping up McLaren Technology Group, one of the U.K.‘s top engineering consultancy firms, because of the company’s track record in vastly improving and streamlining other companies’ product development and production processes.

McLaren vaguely denied the rumours, saying that an Apple investment is not on the table–but stopped short of denying talks between the two companies, or the notion of a full takeover, reports the Financial Post.

“We can confirm that McLaren is not in discussion with Apple in respect of any potential investment,” said a McLaren spokesman.

“As you would expect, the nature of our brand means we regularly have confidential conversations with a wide range of parties, but we keep them confidential.”

Apple declined to comment on the topic.

Apple has made recent moves on other automotive-related brands, including Didi Chuxing, a Chinese-market ride-hailing service company, which it purchased for $1 billion USD.

McLaren Automotive produced 1,654 sports cars last year.

(The Financial Times and The Financial Post)