Following the British Grand Prix last weekend, formula.hu reported: "The Japanese manufacturer, which has already been involved in the sport between 2002 and 2009, is said to be in talks with the Haas team about taking on a role, which could start as early as 2025."
The team previously competed in F1 under the name, Panasonic Toyota Racing, and could return to F1 in a sponsorship deal reportedly similar to the one Sauber and Alfa Romeo formed from 2019 to 2023.
Prior to their stint in F1, Toyota was infamous for their WRC domination, having dominated the rally series from 2021 until 2023, taking home three consecutive titles.
The manufacturer also competes in WEC with their team just missing out on first place at The 24 Hours of Le Mans this year.
What could Toyota's return look like?
A complete takeover does not appear to be on the cards just yet, with the report stating: "Haas racing machines have been built by Dallara in Italy since the team's debut in 2016, but according to our information, it may happen that it will be partially or fully taken over by Toyota Gazoo Racing's headquarters in Cologne from 2025.
"If Haas' 2026 F1 racing machine is already being produced with the cooperation of the Japanese manufacturer, the power source will probably still come from Ferrari, as the cooperation between the parties is valid until the end of 2028."
It is yet to to be confirmed who will fill the second Haas seat although French driver Esteban Ocon is rumoured to be in the running.
The Japanese team never won a grand prix, only managing five P2 finishes over their F1 career. Their most successful season on the grid was 2005, thanks to the driver pairing of Ralf Schumacher and Jarno Trulli.