It has already emerged that Nascar team co-owner Gene Haas' US-based F1 project will probably not get up and racing until 2016.
But when Haas' entry was approved by the FIA in April, the governing body also said "further investigations" were ongoing for another "high standard" application filed by "Forza Rossa".
Forza Rossa, meaning 'red force' in Italian and also the name of a major official importer and seller of Ferrari road cars in Romania, is reportedly backed by Romanians and headed by former HRT boss and Romanian Colin Kolles.
Media reports this week say the FIA has decided to approve Forza Rossa's team entry. There has been no official confirmation.