Virgin Racing will officially announce its plans for the 2010 season on Tuesday next week.
The team has yet to confirm its name change from Manor Grand Prix to Virgin Racing, despite the new name appearing on an entry list issued by the FIA last week. Richard Branson's company entered Formula 1 as a sponsor of the Brawn team this year, but has long been linked with a larger role with Manor.
The team will use a chassis created by former Simtek and Benetton designer Nick Wirth's Wirth Research company, which also designed the Acura LMP cars.
Timo Glock has already been confirmed as the first driver in Virgin's 2010 lineup.
A statement released by Virgin conceded that it is the "worst kept secret in motor racing," and confirmed that Branson (left) and the Virgin Racing management will make an announcement on the new team on Tuesday.