GP2 team iSport International has confirmed its intent to enter Formula One next year should the £40 million budget cap remain in place.
The 2007 GP2 champions are in advanced talks with potential sponsors and investors and the team set to lodge an entry before the 29 May deadline.
Paul Jackson, team principal, said: “The budget cap is a realistic target for us to raise and I’m sure with our GP2 pedigree we will have a strong case for obtaining an entry.
“2010 is a rare chance for any new team entering, as new entries on the grid don’t come along too often.”
The FIA are today meeting with the Formula One Team’s Association (FOTA) to discuss the budget cap, and iSport will submit an entry provided the cap is not drastically changed.
Jackson said: “People in F1 have very short memories and, with the exception of Ferrari, no team is going to be greatly missed as people go to watch the drivers.
“You only have to look at Brawn this year and the huge fan base they have already built up to see how quickly things change and how quickly things can be forgotten.”
Current Toyota F1 driver Timo Glock won the GP2 championship with the Norfolk team in 2007, and Bruno Senna came second last year.
Jackson is keen to sign Senna next year, provided he is not scooped up in the mean time by one of the current teams.
He said: “Bruno and I have an excellent relationship and we are still in regular contact.
“Obviously at the moment it is all hypothetical, but should he be available for next year, we would love to have him back at iSport as he is a very, very special talent.”
iSport is one of several new teams aiming to line up on the grid in Melbourne in 2010.
In the past 24 hours, Lola and Formula 3 team Litespeed have confirmed they will be submitting entries, and USF1 and Prodrive have also said they are keen to enter the sport.