Haas F1 have called a press conference for Tuesday to make a driver announcement.
The announcement will be made at 4pm BST from the team's base in North Carolina, but the team haven't revealed whether just one or both of their drivers will be announced.
Lotus' Romain Grosjean is thought to be a front-runner for one of the seats, while Esteban Gutierrez has also been hotly tipped for a drive given Haas' technical partnership with Ferrari.
Team principal Guenther Steiner revealed last month that Haas were in talks with around 10 drivers, whom he described as "interesting candidates".
Former Marussia driver Max Chilton told the F1 Midweek Report that he was one of the drivers who had had talks. However, he felt the team were looking for a driver with more experience than he had garnered during his two years in the sport.
That makes Grosjean a leading candidate after another reported target, Nico Hulkenberg, signed a contract extension with Force India.
McLaren reserve driver Kevin Magnussen is another who is thought to have held talks with Haas and told Sky Sports F1 earlier this month: "I want to race, I'm not prepared to sit around another year."
Haas will make their F1 debut in 2016 and will be based in both North Carolina, alongside their Sprint Cup winning Nascar team, and in Banbury.