His championship-winning pedigree has made him the number one target for various teams, including Ferrari and Aston Martin.
Newey was initially tipped to join Ferrari, after reports emerged from Italy that he had signed a deal with the team. However, this has since been denied by Newey’s camp, silencing rumours that he could move to the Scuderia.
Aston Martin have since emerged as favourites to hire the F1 legend, with reports suggesting that Newey had received a tour of their factory at Silverstone.
Now, according to reports, Newey has rejected Ferrari’s offer and is close to signing with Aston Martin, with a formal announcement expected in September, when Newey's contract with Red Bull allows.
Fascinatingly, the report claims that Newey may not be the only Red Bull star to make the switch from Milton Keynes to Silverstone.
In an astonishing claim, it is reported by the same outlet - Autosprint - that Aston Martin team owner, Lawrence Stroll, is targeting a move for three-time world champion Max Verstappen and that negotiations are already underway for 2026.
Verstappen is contracted with Red Bull until 2028, but if these recent reports are to be believed he could make an early exit from the team.
The Red Bull star's future has been in question all season, first following controversies surrounding team boss Christian Horner at the start of the season.
Since then there has been a split between the Verstappen camp and the Red Bull team principal - namely between Christian Horner and Max's father Jos - with speculation the Dutchman could begin to look elsewhere.