Red Bull Racing thinks it is now Ferrari - and not McLaren - that poses the greatest threat to its world championship ambitions this season.
Although the title fight has swung back and forth between the Milton Keynes outfit and McLaren throughout the majority of the season, Red Bull Racing team principal Christian Horner thinks his outfit's biggest concern now is Fernando Alonso.
On the back of Alonso's victory in the Italian Grand Prix, the Spaniard has thrust himself back into title contention.
And, with Ferrari having scored the most points out of any team in the last four races, Horner thinks the title situation has moved away from a straight fight between his outfit and McLaren.
"I see Ferrari as the biggest threat, to be honest," said Horner ahead of the Singapore Grand Prix. "They have a quick car, and arguably they have been the closest to us since halfway through the year.
"They had a bit of bad luck in the middle of the year around Valencia and Silverstone, but in Hockenheim they were quick, and they were closest to us in Budapest. Spa didn't go their way but they were quick again in Monza, so arguably I see Ferrari as the biggest challenge.
"But we are focused on our own performance. We cannot dictate what they do, and rather than spending time and energy worrying about what others are doing, we have tended to focus more on ourselves."
The Ferrari threat is more potent because only one of their drivers has a realistic chance of the title - but Horner does not think Ferrari's situation will make him change his team's stance of treating both his racers equally.
"They are playing a slightly different game," said Horner. "But ultimately we have to beat everybody. I would rather have two guys competing for the championship than one, and we will continue to support our guys as fairly and equally as we possibly can."
Horner's belief that it is Alonso who is now his team's biggest threat comes after Lewis Hamilton also reckoned Ferrari was also McLaren's main opposition.
"People have asked who are my closest rivals - obviously my team-mate Jenson [Button] and then Fernando [Alonso] and probably Mark [Webber], because he is leading the championship.
"Ferrari have really stepped up their game and seem to be very competitive at the moment. I am assuming that they are our closest rival at the moment."