Sao Paulo, Aug 3 (DPA) Former world champion Nelson Piquet is close to a co-ownership agreement at the BMW-Sauber Formula One team, the Estado de Sao Paulo daily reported Monday.

The paper said that talks with Swiss Peter Sauber, who holds a 20 per cent stake in the team, were close to being finalized and that his son Nelson Piquet Jr could be one of the drivers for the team in a move from Renault.

BMW announced last week that they will end their F1 engagement after the current season.

Estado de Sao Paulo also said that Ferrari will supply the new team, which could be named Sauber-Piquet, with engines.