Porsche doesn't have a long history in F1, certainly their attempts at a V12 in the early 90s were laughable but then again Porsche was never known for making V12 engines... but not long before that? Before the icon that was McLaren Honda, there was McLaren with their TAG branded engines, between 1983 and 1988 and they didn't do half bad earning two constructors and three driver's championships.
Now the new regulations for 2021 engines are being discussed and once again the Porsche name is being thrown around, Porsche's name not Audi like was thrown around in 2011 leading up to the current regulations.
WEC has been effectively disappointing with the lack of competition. It is just as costly as F1 from an P1 standpoint yet doesn't have nearly the global coverage as F1. Then there's the fact that Ross Brawn is making the rounds sounding off on a "middle ground" solution that would be still somewhat technical but more importantly LOUDER to appease the fans, smells to me of our next standard PU being something along the lines of a normally aspirated V8, with hybrid assistance, you know, kind of like the Porsche 918. It wouldn't take too stout of a limb to climb onto to see that writing on the wall.
Honda's failure at joining clearly IMO has been the reason for re-evaluating the entirety of the current spec. It would be crazy for a new manufacturer to jump in now given Honda's struggles. Could this be for real? I've been burned before, so I'll proceed with cautious optimism.