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Red Bull Racing team principal Christian Horner has confirmed the team has a power unit agreement in place for the 2016 Formula 1 season.

After a summer of uncertainty over its engine supply, Red Bull's only fallback option was reuniting with current partner Renault.

November 10: Red Bull on brink of new Renault deal

It now appears a new deal has been done with the French manufacturer, which in turn is hoping to become a works outfit again next season as it completes a takeover of Lotus.

Horner said: "Next year will be a transitional year.

"We have an agreement with an engine [supplier] for next year which hopefully will be confirmed in the coming days.

"It will have a development path, which ironically, in a way, is what we were trying to achieve 12 months ago, and we'll see how that goes."

Red Bull's future has been up in the air for a number of months after it initially decided to withdraw from its supply contract with Renault a year ahead of schedule.

The Milton Keynes-based team turned to Mercedes, only for the German manufacturer to decide against supplying a major rival.

Mercedes reveals terms of Red Bull talks

Red Bull then held discussions with Ferrari, but the Scuderia also chose not to help, while the prospect of a tie up with Honda was rejected by McLaren Group CEO Ron Dennis.