The threat comes after years of public anger over the lack of progress in a case that critics say highlights the impunity enjoyed by Thailand's wealthy and well-connected.
Worayuth Yoovidhya, whose nickname is "Boss", was 27 when he allegedly smashed his Ferrari into a police officer in the early hours of the morning, dragging the body for several hundred metres before fleeing the scene of the crash.
After Worayuth missed the latest summons Thursday, prosecutors promised to request an arrest warrant, which has never been issued for the princeling.
"If the suspect doesn't show up by 4pm today, tomorrow we will send a letter to Thonglor police station to ask the court for an arrest warrant immediately," Prayut Bejraguna, a spokesman for the the Attorney-General's office, told reporters.
Prosecutors said they would also explore extraditing Worayuth, who has paraded his flashy lifestyle on social media over the years with frequent trips overseas.
"If our (extradition) request fails we can ask UK police to renew the case while we support them with details," said Amnat Chotchai, the head of the Attorney-General's foreign division.
A trail of debris from the accident led police to the Bangkok mansion of Worayuth's super-rich clan, who own half of the Red Bull energy drink empire.
Thonglor police station, which covers Bangkok's most exclusive district, initially accepted the family's claim that the housekeeper was driving the car.
But the story fell apart and Worayuth was eventually hit with a string of charges -- including causing death by reckless driving, which carries a maximum 10 year jail term.
Worayuth's grandfather Chaleo Yoovidhya co-founded the Red Bull brand with Austrian Dietrich Mateschitz in the 1980s.
Chaleo died in March 2012 aged 89, leaving his eleven surviving relatives with a collective wealth of $22 billion, according to Bloomberg.
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