Wolff's position within the team has been in question for a number of weeks, however the Austrian affirmed at the end of the 2019 season that he could not imagine anywhere better for him than Mercedes.
Wolff even acquired shares in Aston martin earlier this year, however this was deemed as a personal investment.
Under Wolff's leadership, Mercedes is yet to be dethroned in the turbo-hybrid era, and has won all six drivers' and constructors' championships on offer since 2014.
But it is yet to officially commit to F1 beyond the 2020 season, leading to speculation surrounding its future and the potential whereabouts of Wolff.
A report from Auto Motor und Sport declares that Mercedes will still be on the grid for the foreseeable future and Wolff will stay on as the team principal of the team.
The future of the sport and many of its teams remains in the unknown as the economic crisis caused by the coronavirus continues to ravage.
In an attempt to safeguard the teams, a $145 million budget cap was signed off earlier this week for 2021, which will decrease gradually until 2023, where it will remain stable at $135 million until 2025.
Bahrain International Circuit - Winter testing