Vienna General Hospital, where three-time world champion Niki Lauda underwent a lung transplant last week, says the Austrian is conscious and making good progress.

"Already 24 hours after surgery Mr Lauda could be extubated, was spontaneously breathing and had full consciousness," said the hospital in brief a statement.

"During the following days his condition has further improved continuously and all organs are functioning well," it added.

Meanwhile, Dr Walter Klepetko, who performed the operation, has told the Osterreich that it will be several weeks before he can leave the hospital, though, barring any unforeseen complications, he will in time "be able to fly, work and take part in sport as he did before".

News of the Austrian's operation came on Thursday, just days after his absence at the Hungarian Grand Prix had been noted, the three-time champion having also missed the previous week's German Grand Prix.

It later emerged that the 69-year-old was taken ill on holiday in Ibiza and rushed to Vienna where he was placed on an artificial lung ahead of surgery.

The Osterreich reports that in a bid to reduce his workload, Lauda is looking to sell his remaining shares in LaudaMotion, the airline he bought back earlier this year and subsequently sold a majority share of to Ryanair.