The Swiss based global financial services company entered F1 in 2010, powered by its then chief executive Oswald Grubel, who had also brought the Swiss bank Credit Suisse to the sport and was a board member of the BMW-Sauber team.
But Grubel is no longer in charge. UBS is now headed by Sergio Ermotti, a Swiss banker.
Blick newspaper reports that, under Ermotti's new watch, the company has been conducting market research into the wisdom of Grubel's F1 deal.
And, citing sources at senior management level, the Swiss daily Tagesanzeiger said the company is indeed considering pulling out of F1.
Columnist Francois Bloch wrote: "UBS CEO Sergio Ermotti is not a Formula One fan."
A UBS spokeswoman said: "We have ongoing, multi-year contracts with Formula One. We continually analyse our commitment."