A formula one foray for Volkswagen would probably see the Audi or Porsche names above the garage doors.
It has been reported for some time that the German carmaker giant is interested in entering the sport as an engine supplier but only if the FIA green-lights the touted 'world engine' for 2013.
As for the branding of the project, VW's motor racing boss Kris Nissen said: "Within the group, for sure, it could be Audi, it could be Porsche and might also be Volkswagen.
"I think it would not suit so well Skoda or Seat or Bentley," he is quoted as saying at last weekend's Nurburgring 24 Hour race by the Brisbane Times.
Toyota, however, is not interested in returning to formula one any time soon, after failing to win a single grand prix during its more than $3 billion F1 foray between 2002 and last year.
"There is a big gap between formula one and Toyota's actual car users," former team principal Tadashi Yamashina is quoted by Automotive News.
"F1 remains the pinnacle of auto racing, but its image grew too elitist," he added.