According to reports, an announcement regarding the so-called Honda 'B Team', a second F1 team run with support from Honda - which recently bought out BAR - is imminent.
It's understood that former F1 racer Aguri Suzuki is involved in the project, however, it's unclear whether the team would contest the 2006 World Championship or be forced to wait until 2007.
It's understood that the team would operate out of the old Arrows F1 facility at Leafield, now owned by Menard Engineering.
However, with just over four months to go before the 2006 season kicks off, there is uncertainty as to what chassis the new team would use if it intends contesting the 2006 championship.
Essentially, the team would have to produce an entirely new chassis, with the original plan - whereby the 'B Team' hoped to purchase chassis built by BAR - having been ruled out.
According to reports the announcement could come as early as tomorrow (Tuesday).