Apple is reported to be in takeover talks with British supercar manufacturer McLaren, as the iPhone maker bids to revolutionise the car industry.

The deal would give Apple a wealth of knowledge from McLaren’s engineers, who have designed world-championship-winning Formula One cars as well as some of the most technically advanced road cars in the world.

McLaren has denied any talks have taken place with Apple, saying in a staement: “We can confirm that McLaren is not in discussion with Apple in respect of any potential investment.”

“As you would expect, the nature of our brand means we regularly have confidential conversations with a wide range of parties, but we keep them confidential.”

Apple would have to pay around £1.5bn for McLaren or buy a partial stake in the company, according to the Financial Times.

Although the technology giant is best known for its iPhone, the group has ploughed money into car development in recent years, including $1bn (£770m) into Chinese ride hailing app Didi Chuxing earlier this year. Apple is also testing driverless electric cars.

The California tech giant has hired dozens of car engineers in a special projects group called Project Titan and its industrial design team boasts a former Lamborghini designer but Apple is looking for more expertise to compete in an industry in which it has no pedigree.

The two companies have their differences, however. While Apple brought consumer electronics to the mass market and has made phenomenal profits in the process, McLaren specialises in high-end engineering and luxury for a small customer base.

But analysts say McLaren would bring a top brand name and a research-and-development strategy to the partnership.

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Jasper Lawler, market analyst at CMC Markets, said: “Owning McLaren would be Apple waving a big flag over its intention to enter the car industry.

“As a high-end technology company, Apple appears to want to be at the high, cutting-edge end of the car industry too.”

Apple declined to comment on the rumours.

McLaren's Formula One team was founded in 1963 by New Zealander Bruce McLaren and won its first Grand Prix in Belgium in 1968. It has 182 Formula One victories, more than any other team bar Ferrari, but has struggled in recent years, failing to clinch a Grand Prix since 2012.

The Woking-based firm is famed for taken its racing expertise to the road car market, perhaps most notably in the McLaren F1 – at the time the fastest production car in the world at 241 mph.