American high profile giant has yet to close the sponsorship deal with Lotus F1 team.
Last month, it emerged that the Enstone based team was close to a $30 million per year deal with Honeywell, hot on the heels of Lotus' high profile signing of a sponsor deal with Coca-Cola brand Burn.
But Switzerland's Speed Week now reports that the Honeywell deal is "still a way off".
Team boss Eric Boullier is quoted as agreeing: "There is still nothing signed."
Lotus is scheduled to launch its 2013 car, the Renault-powered E21, on Monday.