Mercedes boss Toto Wolff has moved to rubbish suggestions made by former team boss turned television pundit Eddie Jordan that the German marque will quit Formula 1 at the end of 2018.

Jordan, who has become reknowned for making wild predictions, suggested to German media this week that Mercedes would scale back its involvement in the sport.

Mercedes purchased the Brawn F1 team at the end of 2009, having previously acted solely as an engine supplier.

Jordan claimed he would make the decision to scale back its operations if he were in charge of Mercedes and said in Monaco he put those views to Daimler boss Dieter Zetsche, who “didn’t leave the impression these were wrong”.

On Thursday, Mercedes motorsport boss Toto Wolff vehemently denied the story.

He labelled Jordan’s claims “baseless” and insisted the team has deal to stay in Formula 1 until the end of 2020.

“Monaco is a place where people like to party and it seems like somebody did a bit too much of that,” Wolff said in a statement.

“The reports are completely baseless and reflect nothing more than the mischievous speculation of one individual.

“Mercedes has firm contracts for its participation in Formula 1 until the end of 2020 – and is currently in discussions about the next competitive cycle with the sport’s new owners.”

The future of Mercedes in F1 has been the subject of some speculation for more than a year.

After being absent as a works team since back-to-back drivers’ title-winning seasons in 1954 and 1955, Mercedes rejoined F1 in 2010 by taking over the title-winning Brawn GP outfit.

It took until its third season back before it won again – with Nico Rosberg taking victory in the 2012 Chinese Grand Prix – and then signed Lewis Hamilton from McLaren for the 2013 season.

Mercedes won three races that year, one with Hamilton and two with Rosberg, before sweeping to a hat-trick of drivers’ and constructors’ crowns when the new engine regulations came into force for 2014.

Its dominance is under threat in 2017, with Sebastian Vettel leading the drivers’ championship for a revitalised Ferrari outfit.