Friday 23 May at 19:21 : Negotiations to extend Jenson Button's Honda contract have begun in Monte Carlo, according to reports.

Despite the 28-year-old saying earlier this month that "I will be with Honda next season", the British newspaper The Times insists that there is a chance Button will quit the Japanese team "to chase his dream of winning the drivers' world championship".

The newspaper said talks with Honda chiefs, including Nick Fry and Ross Brawn, were scheduled to begin on Friday, the traditional 'rest day' at Monte Carlo.

"We are investing huge amounts in our factory, in our manpower and our resources, all geared to have a world championship-winning driver.

"Jenson has seen what we are doing and he is very impressed and excited by it," team CEO Fry said.

The Times, however, said Honda "will have to fight" to keep Button in a Brackley built cockpit, following his handsomely-paid six years with the team that have netted just a single victory.

Red Bull is mentioned as a possible alternative team, as is BMW, whose engines powered Button's debut with Williams back in 2000.

A Honda source is quoted as saying Button would accept a cut in his reputed $16m per year salary "to drive a winning car, like the one Kimi Raikkonen has at the moment, no question."