Andy Palmer, president and CEO of Aston Martin said the luxury vehicle brand had been helped by the association with Red Bull so far and that furthering the relationship was the next logical move.
However, the magazine says Renault "has made a decision to end its relationship with Red Bull", leaving the door open for Aston Martin to become more involved with the four-time champions.
Red Bull will race as Aston Martin Red Bull Racing from the 2018 season.
The relationship between Aston Martin and The Team began in 2016 after the two companies combined cutting edge F1 technology and Aston Martin's signature sports auto design to produce a ground breaking hypercar.
It is the permanent presence of Gaydon employees at Red Bull's headquarters which gives the deepening partnership a sense of credibility - a trait sorely missing from the team's previous association with Infiniti.
Red Bull Racing will compete as "Aston Martin Red Bull Racing" in the 2018 Formula 1 season.
"Having conceived and created the remarkably successful Aston Martin Valkyrie together in 2016, we extended our relationship this year and are now delighted to further strengthen the partnership and see the team competing as Aston Martin Red Bull Racing from 2018", Red Bull Racing team principal Christian Horner said in a statement.
The two brands first joined forces in 2016, as part of a pioneering project to develop the Aston Martin Valkyrie hyper auto, and that partnership has now been extended to Red Bull's Formula 1 arm, which will see the British vehicle manufacturer's brand name move from its current small logo on the nose of the RB13, to being extensively featured across all areas of the team. The partnership has been under strain for some time, with Red Bull branding its Renault engine supply with a TAG Heuer sponsorship deal since 2016.
Its a big win for Formula 1 to have a brand like Aston Martin join the category (even if just as a technical partnership for now) as the up and coming Formula E has been steeling a lot of the attention lately. The power unit discussions (in Formula One) are of interest to us, but only if the circumstances are right.