Telefonica has reportedly pulled out of a multi-million dollar super-fund designed to woo Fernando Alonso back to Renault in 2008.

The country's biggest newspaper, El Pais, reports that the company - earlier linked with the $90 million deal via the mobile brand Movistar - no longer has any intention of re-entering the sport.

Telefonica withdrew as a major Renault sponsor at the end of last year, when Alonso switched from the French team to McLaren.

The British newspaper The Independent also reports that Telefonica has gone cold on Formula One, adding that the company 'is lukewarm about both Flavio Briatore and Alonso.'

The Spanish newspaper Diario AS, meanwhile, reports on Wednesday that Briatore, the Renault boss, has installed a new deadline of Thursday for Alonso to decide to agree a deal for next year.