Maldonado's future with the team has been in doubt as a result of a lack of payments from the oil giant amid growing economic concern in Venezuela following a steep decline in oil prices. Autosport now reports Renault has agreed a deal with Magnussen to replace Maldonado, which is due to be completed ahead of the Renault team launch in Paris on February 3.
F1i understands Magnussen had originally held talks with Renault regarding a third driver role which were later elevated to discussions regarding Maldonado's drive. Magnussen has also been in talks with Manor about a potential race or reserve seat with the team.
Should a deal go ahead Magnussen would be returning to a race seat after a year as McLaren's reserve driver. The Dane scored a podium with second place on his debut in Australia in 2014 but after being demoted to allow for the arrival of Fernando Alonso a year later he was dropped completely at the end of last season.
Maldonado has been with Renault - under the team's previous guise as Lotus - for two years so far, scoring 27 points as he finished 14th in the drivers' championship in 2015.