A new Formula 1 project with links to Spanish team Campos Racing has announced its intentions to join the grid for the 2021 season, saying it is in "advanced negotiations" over an entry.

Motorsport agency Monaco Increase Management issued a statement on Thursday stating its plans to set up a Spanish F1 project to join the grid for the 2021 season, claiming to have held an initial meeting with F1 CEO Chase Carey at the Spanish Grand Prix back in May, followed by further talks with Ross Brawn over the summer.

"It was clear that a Spanish team would fill a void left by the retirement of Fernando Alonso, and increase the interest of the Spanish fans and the TV and Media audience," the statement reads.

"The support of the Spanish Federation, the availability of the Campos Racing Facility, as well as the know-how of the Campos Racing Team, already competing and winning in Formula 2 and Formula 3, make Spain the perfect home for a new Formula 1 Team.

“We are now at an advanced stage of negotiations with current Formula 1 Teams and engine manufacturers to ensure the best possible partnership for a competitive Spanish Formula 1 Team from 2021 and onwards.”

The statement said an engineering team has already been formed ahead of the publication of the 2021 regulations, including former Super Aguri figures Peter McCool and Ben Wood as technical director and chief aerodynamicist respectively.

Salvatore Gandolfo serves as the CEO of both Monaco Increase Management and Campos Racing. Campos has been present in junior series for many years, and currently races in both Formula 2 and Formula 3. It previously secured an F1 entry for the 2010 season before selling on the project to what would ultimately become HRT.

The Monaco Increase Management website lists ex-Manor and Sauber F1 racer Pascal Wehrlein as one of its drivers, as well as former Campos youngster Alex Palou, who has since moved into Super Formula.

No official FIA tender has been issued for new entries to F1 for 2021 yet, with doubts being raised about the viability of projects that have been put forward despite there being wide interest.

Any new arrival on the grid would mark the first addition since Haas back in 2016.