The Campos Meta 1 team is set to make it to the grid this season after a restructuring, this week's AUTOSPORT magazine reveals.
Majority owner Jose Ramon Carabante is on the verge of taking full control of the team from founder Adrian Campos. The team has battled financial problems in recent months, but Spanish businessman Carabante is working on getting its Dallara-Cosworths onto the grid.
GP2 race winner Karun Chandhok - who has also been strongly linked with the Stefan GP team - and Formula Renault 3.5 champion Bertrand Baguette are understood to be in competition for the second seat alongside Bruno Senna.
Carabante has engaged ex-Force India team principal Colin Kolles and ex-Red Bull technical director Geoff Willis on a short-term basis.
A debut at the Bahrain Grand Prix on March 14 is believed to be a realistic aim, although missing the early races is possible.
The team is unlikely to be ready in time for the final pre-season test at Barcelona on February 25-28, meaning that the cars will have time only for a brief shakedown before making their race debuts.
It is not clear whether either Kolles or Willis will have a long-term involvement in the team. Campos, who could retain a role, was unavailable for comment.