"I have not felt as excited about a new venture since I launched AirAsia in 2001," Malaysian entrepreneur Fernandes said at the time.
But media reports are now claiming the venture is being scrapped.
The news follows an obvious dip in Caterham's progress in formula one, as the team struggles with the radical 2014 rules and after Fernandes admitted in January that "If we're at the back I don't think I'm going to carry on".
AFP news agency cited sources in claiming Renault is not giving up on "reviving its Alpine brand", despite the split with Caterham.
Reuters added that Renault had earlier "raised doubts about Caterham's future financial contributions to the joint venture".
"Renault and Caterham representatives declined to comment on their joint venture," read a Bloomberg report.