UPDATE: McLaren has issued a statement to Jalopnik regarding today's report: "We can confirm that McLaren is not in discussion with Apple in respect of any potential investment."

Rumors have suggested that Apple is working on a car, and according to a new report, they may be interested in buying an existing carmaker to help their effort.

Apple is considering buying McLaren, British supercar manufacturer. Three sources speaking to the Financial Times say that Apple is interested in either buying McLaren or making a strategic investment in the carmaker. Negotiations between Apple and McLaren reportedly began many months ago.

McLaren owns a Formula One race team and makes luxury sports cars. They made 1,654 cars in 2015 that cost  as much as $1 million apiece. It’s said that McLaren would likely be valued at $1.3 billion to $1.9 billion USD.

Apple is reportedly interested in McLaren’s engineering, technology, and patents, all of which could come in handy in designing a new vehicle. Keep in mind, though, that this is still very much a rumor and that Apple is still a ways away from actually launching a car, if it ever does.