Jenson Button has been tipped to replace Fernando Alonso for the Monaco Grand Prix, after it was revealed the double world champion would miss the race to participate in the blue-riband Indianapolis 500 event instead.

McLaren have refused to be drawn on whether Button will be called out of retirement, just six months after he stopped racing in Formula One, but there are few other serious options available to the team.

Button remains an ambassador for the British team - following a deal struck with former McLaren chairman Ron Dennis last September - and lives in Monaco, too.

Button could replace former team-mate Alonso for the race (Getty)

However, Zak Brown, McLaren's American boss who has been integral to ensuring Alonso would be on the starting grid for the Indy 500 in a McLaren-branded car, has insisted that the team are considering several options.

“Fernando's replacement driver is not in place and those conversations are ongoing,” Brown said. “We have a few different options and we will state who that is when we know.

“(Racing director) Eric Boullier, who runs the Formula One team, is ultimately responsible for making the recommendation as to what driver should go in the car.”

The 2017 Formula 1 grid Show all 20 1 /20 The 2017 Formula 1 grid The 2017 Formula 1 grid Sebastian Vettel, Ferrari Vettel finished fourth last season and will hope improvements to the team's 1.6-litre V6 will help him back onto the podium. Getty The 2017 Formula 1 grid Kimi Raikkonen, Ferrari The experienced Finn largely underperformed last season. At 37, could be his final season racing for a top team. Getty The 2017 Formula 1 grid Sergio Perez, Force India Perez retains the drive he has held since 2014. Force India again use the Mercedes-AMG engine. Getty The 2017 Formula 1 grid Esteban Ocon, Force India The talented 20-year-old raced in 9 Grand Prix for Manor last season and earns a call-up to a much more competitive team. Getty The 2017 Formula 1 grid Romain Grosjean, Haas Haas had a very good season last year, finishing 8th with their Ferrari engine. Grosjean will look to improve on his 13th place finish. AFP/Getty The 2017 Formula 1 grid Kevin Magnussen, Haas The Dane moves from Renault to Haas. Struggled last season. Getty The 2017 Formula 1 grid Stoffel Vandoorne, McLaren The talented Belgian, who scored a world championship point in the unfamiliar MP4-31 last year, replaces Jenson Button at McLaren. Getty The 2017 Formula 1 grid Fernando Alonso, McLaren The youngest double champion of all-time remains at McLaren for the 2017 season, despite a well publicised approach from Mercedes. Getty The 2017 Formula 1 grid Lewis Hamilton, Mercedes The team - and driver - to beat since the infamous V6 rule changes came into place in 2014. Getty The 2017 Formula 1 grid Valtteri Bottas, Mercedes Bottas replaces world champion Nico Rosberg at Mercedes, Will push Hamilton all the way this campaign. Getty The 2017 Formula 1 grid Daniel Ricciardo, Red Bull Adrian Newey has completely redesigned the RB13 for the 2017 season and Ricciardo will be hopeful of bettering last year's 3rd place finish. Getty The 2017 Formula 1 grid Max Verstappen, Red Bull There will be plenty of attention on Verstappen as he completes his first full season at Red Bull. Getty The 2017 Formula 1 grid Nico Hulkenberg, Renault Hulkenberg moves to the team from Force India, replacing Kevin Magnussen. Getty The 2017 Formula 1 grid Jolyon Palmer, Renault The Brit came under pressure last year for a disappointing 18th-place finish. Will be hopeful of improvement. Getty The 2017 Formula 1 grid Marcus Ericsson, Sauber Sauber were poor last season and were plagued by retirements. Ericsson nevertheless remains with the team for a third campaign. AFP/Getty The 2017 Formula 1 grid Pascal Wehrlein, Sauber The 22-year-old wins a drive at Sauber, moving from Manor Racing. Getty The 2017 Formula 1 grid Daniil Kvyat, Toro Rosso Resigned to Toro Rosso after plenty of speculation; will be desperate to show he shouldn't have been replaced by Verstappen at Red Bull. Getty The 2017 Formula 1 grid Carlos Sainz Jr, Toro Rosso Now in his third season with the team. Toro Rosso this year return to a Renault engine. Getty The 2017 Formula 1 grid Lance Stroll, Williams 18-year-old rookie. Stroll's first appearance in the car didn't inspire confidence, he spun the car in testing. Getty The 2017 Formula 1 grid Felipe Massa, Williams Heroically returns to the team after Bottas departed for Mercedes. One of the most experienced drivers on the grid. Getty

Button then mischievously tweeted on Wednesday night: “Why do I have so many missed calls?”

Alonso, who raced alongside Button for two years at McLaren, has become increasingly frustrated at the team's failure to contest at the sharp end of the grid.

He is out of contract at the end of the season, but the British team's decision to expand their motor racing portfolio - with the Le Mans 24 Hours race also seemingly now a possibility - could be a sweetener to him staying.

The Indianapolis 500 is billed as The Greatest Spectacle in Racing (Getty)

Lewis Hamilton recently appeared to shoot down any chance of Alonso moving to Mercedes, while Daniel Ricciardo and Max Verstappen are under contract at Red Bull until 2018. And although Sebastian Vettel is in the final year of his Ferrari contract, a move back to the Italian team for Alonso is highly improbable.

Alonso insists his future remains in Formula One, but wants to complete motor racing's so-called 'Triple Crown' - that of winning the Monaco Grand Prix (which he has done on two occasions), the Indy 500 and Le Mans 24 Hours - before he retires. Britain's Graham Hill is the only driver ever to have achieved it.

Alonso has insisted his future remains in Formula One (Getty ) (Getty)

“I consider this Indy 500 as an amazing opportunity for me to take part in this spectacular race and a little step closer to achieving the Triple Crown,” Alonso said.

“I do not consider all my future will be in the USA. My driving skills and my technique are developed for Formula One cars and this is what I do, and want to do in the future.”