Dec.10 (GMM) F1 team Lotus is reportedly close to announcing a multi-million dollar title sponsorship deal with Honeywell, the American technology giant.

"It is thought the framework of the agreement is in place and a formal announcement pending," said Sportspro journalist David Cushnan on Monday.

The news follows Lotus' recent signing of a sponsor deal with Burn, the European energy drink label of the American beverage giant Coca-Cola.

After a five year absence, the United States returned to the F1 calendar this year with a highly successful race on a bespoke circuit in Austin, Texas.

Citing 'informed insiders', Cushnan said the Honeywell deal could be worth $30 million per year to Lotus.

The Enstone based team's driver Kimi Raikkonen finished the 2012 world championship in third place behind Sebastian Vettel and Fernando Alonso.

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