May 22 (GMM) Toro Rosso's anticipated switch from Ferrari to Renault power for 2014 and beyond will be announced imminently, the German magazine Sport Bild reports.

Paddock rumours for several months have hinted at the change, which would bring both of Red Bull's teams under the 'Renault powered' banner for the new V6 era.

In March, Renault Sport F1's Jean-Michel Jalinier admitted he was "negotiating with Toro Rosso".

Sport Bild says a deal for the supply of the French marque's new turbo power unit to the Faenza based team is now complete.

"It will be announced later this week on the edge of the Monaco Grand Prix," wrote reporters Bianca Garloff and Ralf Bach.

France's RMC Sport said French carmaker Renault SA's chief operating officer Carlos Tavares will be in Monaco this weekend.