Mercedes Formula 1 boss Toto Wolff has entered advanced talks to sell a portion of his 33% stake in the team at a $6 billion valuation, Sportico reported on Tuesday.

The portion reportedly is for a mid-single-digit range in the team through an investment in Wolff's holding company.

Sportico said it could not identify the buyer.

Should an agreement come to fruition, the sale would constitute a record valuation for an F1 team -- surpassing the $4.7 billion for a McLaren LP stake sale last month.

Wolff is expected to remain as Mercedes' CEO and team principal. The 53-year-old Austrian previously served as an investor in the Williams F1 racing team prior to joining Mercedes in 2013.

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