Renault are expected to confirm Kevin Magnussen will partner Jolyon Palmer for the 2016 F1 season at a launch event in Paris on Wednesday.
Magnussen is poised to replace Pastor Maldonado after the South American announced on Monday he would not be on the 2016 grid.
Maldonado had previously been confirmed as a Renault driver for 2016 but the collapse of the Venezuelan economy reportedly resulted in PDVSA, the country's state-owned oil company, failing to keep up with sponsorship payments worth approximately £20m.
Magnussen drove for McLaren in 2014 but was dropped to accommodate the return of Fernando Alonso and then left the team late last year.
Having sold the Enstone-based outfit in 2009, Renault bought Lotus back in December and Wednesday's event will also see the team unveil their new car - the first 2016 challenger to break cover - and livery.
It is expected that Renault will use the yellow colour scheme that their cars were adorned in during their previous stint as a fully-fledged constructor.
In addition to revealing their car and driver line-up, Renault's new management structure will also be confirmed with Frederic Vasseur, the boss of GP2 outfit ART, expected to be named team principal.
2016 car launch dates
Mid-February: Ferrari, online
February 21: McLaren MP4-31, online
February 22: Red Bull RB12, Barcelona
February 22: Haas, Barcelona
February 22: Manor, Barcelona (TBC)
February 22: Williams FW38, Barcelona (TBC)
March 1: Sauber C35, Barcelona
TBC: Toro Rosso
TBC: Mercedes
TBC: Force India
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