According to John Dunsmore, UK chairman and managing director of parent company Scottish & Newcastle, the F1 sponsorship no longer fits with the lager brand's core strategy.
Foster's has a title sponsorship deal with the British Grand Prix, which is due to run until 2010. However, insiders say the brand is likely to have an opt-out clause in its contract, enabling it to end its association early.
Foster's' corresponding title sponsorship deal with the Australian Grand Prix is up for renewal after next season. Its status as the sport's official beer partner, signed in March, may also be under threat.
Last week, Hewlett-Packard announced it is not renewing its sponsorship of the Williams F1 team after this season.
F1 is set to face competition from A1 Grand Prix, which launches this weekend.
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