The move would make the team independent of any other manufacturer, which is a statute that only Ferrari has now. As you may be aware, the Scuderia makes its engines and chassis in-house, and it has been an engine supplier to several teams.
Red Bull wishes to make its engines to ensure maximum compatibility with their chassis, as well as prevent situations where suppliers decide to refuse to establish a new contract once the old one expires, for example.
In the case of the ongoing Honda deal, it is claimed that the Japanese brand wants to return to the sport under its name in 2026, and has applied to the FIA, which the marque denied by saying that nothing is decided yet and that the brand might still just be an engine supplier going forward starting 2026.
As Motorsport.com has noted, several unnamed sources claim that Red Bull and Ford are interested in working together in Formula One. The Blue Oval is already working with Red Bull indirectly in WRC, where the M-Sport team has Ford Puma Rally1 WRC cars, and Red Bull is a sponsor of that team, but development is done by M-Sport.
To be fair, the logos of both firms are on the hood of the racing cars, right next to each other, so it looks to the outside as if Ford is already working with Red Bull in the WRC. In the case of Formula 1, the difference would be that the Dearborn firm would support Red Bull Racing with various elements, but not by supplying an engine.
A few months ago, Porsche was in talks with Red Bull about Formula 1, and they were thinking of joining forces starting in 2026, but then the deal went cold. Now, Ford is the next potential partner for Red Bull, while Porsche has announced its intention of entering the sport in 2026.
Ford was last seen in Formula 1 back in 2004, which was 18 years ago, and it was involved with Jaguar at the time, while also branding Cosworth motors for Jordan for two seasons, up until the mentioned year.
In the case of the Red Bull partnership, it is rumored that the Blue Oval may take a marketing role, as well as being a brand partner, which has several potential benefits if the team continues to win, but just involves spending money with a reduced return of investment if they don't.