The past several months have seen the silly season live up to its name, with rampant speculation about any number of Volkswagen Group brands potentially entering Formula 1. Porsche was understandably at the top of the list, though Audi and VW were both included in the melee. Now reports are turning the other way, with F1 less likely and Le Mans looming large.

The move toward a Le Mans program makes more sense for Porsche on several levels, from its recent 918 RSR concept car to its 911 racing programs. F1, on the other hand, would be a bigger money pit with less relevance to its road-going cars.

F1's change in the 2013 engine rules to a turbocharged 1.6-liter four-cylinder powerplant makes the sport more relevant, perhaps, but less for Porsche than, say Volkswagen. Not that VW or Audi are likely to enter the F1 fray any time soon either.

Should Porsche pursue a Le Mans entry, however, it would have to be careful to balance its effort against corporate cousin Audi, one of the top players in the prototype category. A GT-class entry might therefore be more reasonable, though at this point, it's still little more than rumor, so anything remains possible.