Multiple reports have claimed Newey will relinquish his team principal duties to focus solely on technical matters, with Aston Martin actively pursuing Wheatley, the incumbent Audi team principal, as his replacement.
While no agreement has been announced, Wheatley is widely viewed as the preferred candidate to take over the team.
Newey’s spell as de facto team principal had always been considered temporary internally, with his appointment earlier this year coming after Andy Cowell was moved aside.
The 67-year-old’s strengths remain firmly rooted in car design, and a restructure would allow him to concentrate fully on improving a troubled package that has left the team yet to score a point and battling a range of technical issues across the opening two races.
Despite the reports, Aston Martin has publicly dismissed the speculation.
“The team will not be engaging in media speculation about its senior leadership team,” it said.
“Adrian Newey continues to lead the team as team principal and managing technical partner.”
Audi also responded cautiously to the reports.
“We are aware of the recent media reports,” it said.
“There is no official update from our side at this point in time and we do not comment on speculation.”
Aston Martin owner Lawrence Stroll is understood to have made the approach to Wheatley, offering him the opportunity to run the race operation under a revised structure that still places Newey at the top of the technical hierarchy.
Any move, however, could be delayed by Wheatley’s existing Audi contract, potentially triggering a period of gardening leave.
Wheatley’s links to Newey stretch back two decades at Red Bull, making him a natural fit for the role.
Reports indicate other candidates, including Red Bull’s head of racing Gianpiero Lambiase and Audi CEO Andreas Seidl, were also sounded out – but Wheatley has emerged as the leading option.
The potential shake-up comes amid a dire start to Aston Martin’s relationship with Honda. The AMR26 has been plagued by severe vibration issues and a lack of performance.
Newey has been fronting explanations for the problems, while drivers Fernando Alonso and Lance Stroll have both struggled physically with the car.
Honda has yet to identify the root cause of the vibrations, which have already impacted reliability and destroyed key components early in the season, leaving Aston Martin on the back foot.
The team’s struggles come despite significant investment from Lawrence Stroll, including a state-of-the-art Silverstone facility and a works Honda partnership aimed at turning Aston Martin into a title contender under the current regulations.
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