Campos Meta 1 will join fellow 2010 F1 newcomers Virgin Racing and Lotus on the grid this season.
According to reports by Business Standard Motoring
majority owner Jose Ramon Carabante is all set to buy-out founder Adrian Campos and as part of his plan he has enlisted the help of ex-Force India team boss Colin Kolles and former Red Bull Racing technical director, Geoff Willis.
Whilst it is thought it is extremely unlikely that the teams Dallara-Cosworths will take in the final pre-season test in Barcelona next week, there is still a belief that the Spanish team will compete in Bahrain on March 14, the opener for F1 2010.
To date Campos have only confirmed one driver, after concluding a deal with Bruno Senna last year.
Karun Chandhok and Betrand Baguette have both been touted as possible candidates for the second seat - the former of course having had talks recently with Stefan GP.
"I wouldn't say there are negotiations, I can say we had conversations with the team [Stefan GP]," Chandhok told 422.race.com
. "But in the same way I've also had conversations with Renault, with Virgin, with Toro Rosso, with Campos, with everybody.
"My job is to speak with all the teams and to see if there's something in F1, and in the same way I spoke to Stefan GP. But there's no contract, there's no agreement, nothing," he added, leaving the door open for Campos.
Campos are one of four new teams bidding to join the likes of Ferrari, McLaren and Williams in F1 this year. To date, Virgin Racing and the new Lotus F1 team have both started testing, but Campos - and USF1, who's fate is also unclear [see separate story click here
] - have still to turn a wheel.
Stefan GP is currently waiting in the wings and keen to get a place should Campos or USF1's plans flounder.