The other shareholders in the team are Mercedes and chemicals giant Ineos, who each also own a third of the company.
A Mercedes spokesperson said: “We will be making no comment on this. The governance of the team will remain unchanged, and all three partners are fully committed to the ongoing success of Mercedes-Benz in Formula One.”
The deal would represent a significant increase in value of Mercedes F1 since Ineos bought its stake for £208m in 2022.
The rise reflects the growth in valuations of F1 teams in the past few years as a consequence of the increasing appeal of the sport around the world.
This was also seen in the success of the F1 movie starring Brad Pitt, which was released last summer and has grossed more than $630m (£458m) at the box office. It is Pitt’s most successful film and the most successful sports movie.
Mercedes are second in the constructors’ championship, behind McLaren, with three races remaining this season.
Their lead driver George Russell has won two of the 21 grands prix this year and is fourth in the drivers’ championship behind McLaren’s Lando Norris and Oscar Piastri, and Red Bull’s Max Verstappen.
The team won a record eight consecutive constructors’ championships and seven drivers’ titles, six for Lewis Hamilton and one for Nico Rosberg, between 2014 and 2021.