Renault could become the fourth manufacturer to quit F1 in a year
Renault have held an emergency board meeting in Paris to discuss pulling out of Formula 1 with immediate effect.
The French car company was considering whether to remain in the sport with its own team, switch to simply being an engine supplier or quit altogether.
The outcome of Wednesday's meeting was not immediately forthcoming.
News of Renault's possible exit comes on the day Toyota said it was quitting F1, becoming the third car company to leave the sport in the last 11 months.
Renault's emergency board meeting was attended by F1 team bosses Bob Bell and Jean-Francois Caubet, although neither man was allowed to take part in the debate about the team's future.
Renault have had their least competitive F1 season since 2002 and finished eighth out of 10 teams in the constructors' championship after Sunday's final race of the season in Abu Dhabi.
The company came under scrutiny for the team's involvement in the Singapore 2008 race-fixing scandal, in which they decided not to contest charges that they had asked Nelson Piquet Jr to crash to aid team-mate Fernando Alonso's bid for victory.
I believe Renault will continue - Jordan
Motorsport's governing body the FIA gave Renault a ban from F1, suspended for two years, as punishment, while team bosses Flavio Briatore and Pat Symonds were forbidden from attending FIA-sanctioned events.
Last month, Renault signed the highly-rated Polish driver Robert Kubica to lead their team in 2010 as a replacement for double world champion Alonso, who has moved to Ferrari.