Late last year, the South Korean brand was unveiled as an official backer of the world championship, with its branding on the TV broadcasts, timing graphics and trackside reported to be costing up to $15m per year.
And with more than four years of the deal set to run, the business magazine SportsPro reports that corporate sponsorship chief Andrew Barrett admitted the possibility of extending LG's involvement to sponsorship of a team.
Asked if LG considered sponsoring a team before last November's FOM deal was inked, he answered: "I can't talk specifically because we aren't necessarily done with those discussions.
"We decided to make our first foray into formula one by sponsoring the league and establishing this as the foundation of our relationship with the championship. But I don't think we're done yet.
"I wouldn't say we're going to do a team deal, but I wouldn't preclude it either," Barrett added.