Aston Martin and Force India are in talks about a partnership which could see the team rebranded as Aston Martin Racing.
The British sports car manufacturer last competed in F1 as a constructor in 1959 and 1960 under the entry of the David Brown Corporation.
Sources tell Sky Sports that the talks are at an advanced stage, but no deal has been signed yet.
Mercedes, who currently power Force India, own a five per cent stake in Aston Martin, meaning there would be no clash of brands with the Silverstone-based team continuing to use the Silver Arrows' engine.
"We are in discussions, nothing has been finalised," said Force India co-owner Vijay Mallya.
"We have many options and I will be able to confirm or otherwise when I have something to say. I don't like to count my chickens before they hatch."
It was reported that the four-time champions could have run the Mercedes power unit badged as an Aston Martin to avoid the potential embarrassment of the works team being beaten by a customer.