It's been known for some time that Toyota is very interested in competing in LeMans, sending squads of racing engineers and observers to the races both in Europe and the American series. Now word has broken that Toyota may be considering a switch from the costly and thankless world of Formula One to the storied Le Mans series.

Speaking at the F1 Grand Prix in Shanghai, Toyota representative Tadashi Tamashina said, "We would like to go to Le Mans. The final decision for Le Mans depends on the budget. Under the present economic conditions, it is unlikely that Formula 1 and Le Mans can be done in parallel. It is an either-or situation." The rising likelihood of a spec-engine in F1 would drive Toyota from the sport, Yamashina added, according to Auto Motor & Sport.

Earlier this week Max Mosley proposed to do just that for the 2010-2012 seasons, but a meeting in Geneva on Tuesday between the Formula One Teams Association (FOTA) and the FIA resulted in a cost-cutting agreement that obviates the spec-engine shift before 2010. After 2010, however, the window remains open, meaning Toyota may already be gearing up to go to Le Mans.

Le Mans isn't without its own rules changes and drama, however. New chassis and engine rules are to come into effect in the 2011 season. Already Honda, which competes in both Le Mans and F1, has begun implementing hybrid solutions in its Le Mans cars, but the lessons Toyota learns in F1 next year with its own hybrid systems could translate to the Le Mans series with little loss in R&D value.

Toyota already has a great deal of experience in endurance racing thanks to its involvement in the Rolex Grand Am series through its Lexus motorsports program.

Only time, and the politics of the individual series, will tell, but the future of Toyota F1 racing appears to be in jeopardy.