However, it's now understood Button will be kept on by McLaren, with the 34-year-old agreeing a deal for a 16th season in Formula One.

McLaren are to hold what the team described as an ``important'' media event this morning, at their technology centre in Woking, at which Button is set to be confirmed as staying with the team.

Group chief executive Ron Dennis took a surprising amount of time over deciding whether to retain Button or Magnussen.

Dennis has faced criticism, in particular after stating at the Italian Grand Prix in September a decision would be made before the final race of the year in Abu Dhabi in November.

Mika Hakkinen, a former double world champion with McLaren, told Swiss newspaper Blick that “what is happening at McLaren is unworthy of such a team”.

Yet Button will drive on for the team he joined in 2010, initially as a team-mate of fellow Briton Lewis Hamilton.

In his first five seasons with the team, he has finished fifth, second, fifth, ninth and eighth in the drivers’ championship.

Had Button been moved on by McLaren, he looked set for a drive in the World Endurance Championship, with Toyota understood to be leading the pursuers.

Button said last week: “I’m now really comfortable, and whatever happens I will have a great year next year.

“New challenges are exciting, whether it’s in Formula One with McLaren alongside an exciting team-mate, or whether it’s elsewhere.”