Will Stevens is expected to be replaced by Rio Haryanto at Manor in Formula 1 with an announcement due in the next few days.
The British driver has lost out in a battle with the Indonesian who is set to make his F1 debut at the opening pre-season test at Circuit de Catalunya which starts next Monday.
It is being reported by The Telegraph
that Haryanto, a former GP2 race winner, has been able to secure at least £10 million in sponsorship with the majority coming from Indonesia's state oil company.
Stevens, who made his F1 debut with Caterham at the 2014 Abu Dhabi Grand Prix before moving to Manor last year, had reportedly only been able to bring together around £6 million in sponsorship.
The 24-year-old failed to set the world of F1 alight last year in an underperforming Manor but with the British team securing Mercedes engines for 2016 it is predicted to be much more competitive for the upcoming campaign
With the contract negotiations anticipated to be concluded over the next few days in time for the opening test, Haryanto will partner the recently-announced Mercedes junior Pascal Wehrlein who was confirmed last week.
With Haryanto's imminent unveiling it will draw a close to F1 driver line-up changes for the 2016 season with all 22 seats filled.
Haas F1 is set for its debut with Esteban Gutierrez and Romain Grosjean, with the Frenchman splitting from the new-look Renault Sport team which has paved the way for Jolyon Palmer. Kevin Magnussen has taken up Pastor Maldonado's drive at the Enstone-based squad after the Venezuelan's sponsorship backing fell through while all other teams have unchanged line-ups.