Williams team principal Simon Roberts has confirmed the team wishes to remain independent but is open to a "collaboration" to speed up future developments.
Under the leadership of former deputy-team principal Claire WIlliams, the family-run team placed huge amounts of pride on its status as a 'true independent'.
The team has run with a Mercedes engine in recent years but, unlike Racing Point, Williams manufactures its own gearbox and transmission instead of purchasing the parts from the German manufacturer.
Roberts, who was confirmed as the team principal for 2021 after holding the role in an acting capacity since September, has now suggested this philosophy could change and that Williams should focus on its strengths.
"We are independent, we’re going to remain independent but there is scope for collaboration," said Roberts.
"We can see advantages [of a partnership] but we don’t want to become a B-team, so we want to retain our independence but we want to be more competitive.
"For us, looking forward, we’re open to extending a relationship but the specification of that would depend on what we think we’re strong at, internally, and where we think we need help and support.
"In simple terms, if we’re good at something and we can do it - quicker to the market, quicker to the track – we should focus on that.
"If there’s something we can’t do very well, then we should be prepared to buy that from whoever’s got it available and under the cost-cap."
F1 will introduce a strict $145million cost cap for 2021, with this figure reducing to $140m in 2022 and then $135m for the following three years.
"You can’t afford to be inefficient and that’s what we’re focusing on," continued Roberts.
"We need to make sure that if we’re making chassis, we’re really good at making our chassis and we apply that to everything in the car."