Christian Horner expects a "lengthy process" before Porsche completes a deal to buy a 50 per cent stake in Red Bull's Formula One team.
Said to have been looking for a return to the sport since 2017, Porsche is set to purchase half of Red Bull Technology, according to a document published by Morocco's Conseil de la Concurrence.
That would allow Porsche and Red Bull to work in unison on a powertrain in time for the change in regulations in 2026.
However, the deal - once thought to be announced at this month's Austrian Grand Prix, Red Bull's home race - may be drawn out by the FIA delaying confirmation of the exact specification of those regulations, according to Horner.
"There's some major caveats that we need to get past first before things can get anywhere near progression," Horner said.
"That primarily focuses on what are the final technical, sporting and financial regulations for the power unit going to be.
"Are they going to be fair and equitable for the newcomers versus the current incumbents?
"That is the first piece of the jigsaw that needs to be completed."
Removing the MGU-H component of the hybrid engine and more significant use of sustainable fuels are thought to be among the factors on which Porsche's involvement rests.
"It's something that I know the FIA are working hard on. Hopefully in coming weeks we'll get to see that," added Horner.
"At that point then, we're able then to try and have a further discussion with the guys at Porsche.
"It's going to be a reasonably lengthy process, I would assume.
"The most fundamental thing is, what are those regulations for 2026, and are they attractive enough for an entity like a Porsche or an Audi to come into Formula 1?
"We're really only at a discussion stage and there's so many caveats based on regulations.
"Red Bull has demonstrated its commitment to Formula One, its longevity in the sport.
"Anything that we look at is very much with the long-term in mind. We're not looking at a short-term solution.
"Strategically, it would have to fit obviously within the long-term plans that Red Bull have for its commitment in Formula One."
Porsche was involved in F1 as a team between 1959 and 1964, claiming one race win and five podiums. As an engine supplier, it helped McLaren to three successive drivers' championships between 1984 and 1986 as well as two constructors' titles. It supplied engines to Footwork for the first six rounds of the 1991 season but has been out of the sport since.