BUDAPEST, HUNGARY - JULY 22: F1 supremo Bernie Ecclestone walks in the Paddock during practice for the Formula One Grand Prix of Hungary at Hungaroring on July 22, 2016 in Budapest, Hungary. (Photo by Mark Thompson/Getty Images)

Formula One supremo Bernie Ecclestone’s mother-in-law has reportedly been kidnapped in Brazil.

According to Brazilian magazine Veja, Aparecida Schunck, 67, was taken on Friday in the neighbourhood of Interlagos, Sao Paulo, with her kidnappers said to be demanding a ransom of 120 million Brazilian reals ($AU48.75 million).

The report says it is the highest ransom demand in the country’s history.

Schunck is the mother of Ecclestone’s third wife Fabiana Flosi who met the 85-year-old through her work on the Brazilian Grand Prix.

The couple met in 2009 and married in 2012.