Porsche CEO Oliver Blume has revealed the German manufacturer had agreed to a deal with Red Bull sealed with "a handshake" before its F1 entry collapsed over finer details.
Porsche had long been linked with a move to become a power unit partner with reigning champions Red Bull with talks taking place across the early stages of this season.
But in September, these discussions were concluded without a deal being reached.
The stumbling block in negotiations was Porsche's desire for an equal relationship in the team rather than solely an engine partnership.
But the automotive manufacturer has not yet given up hope of joining Volkswagen Group's sister marque Audi as a new name on the grid in 2026.
Speaking at the Porsche 'Night of Champions', Blume said: “The talks [with Red Bull] went very well, participation in the team was agreed with a handshake, but was not completed at the last moment.
"We wanted to be an equal partner.
"Everyone has to decide for themselves whether they want to sell shares. That's okay with us. We behaved fairly.
"We'll see what happens in the future and what will be attractive. We have a huge [motorsport] programme ahead of us that we're looking forward to."