Campos Meta 1 intends to change its name to Hispania Racing F1 Team before the start of the 2010 season next weekend.
Jose Ramon Carabante, who had already been the team president, took over the outfit from former Minardi driver Adrian Campos last month.
Grupo Hispania is the name of 57-year-old Spaniard Carabante’s company.
The Spanish newspaper Diario AS said the name change, which must be approved formally by the sport’s authorities, will be unveiled officially on Thursday in the Spanish city of Murcia.
It is believed the event could also see the unveiling of the Dallara-built car’s livery and the announcement of Bruno Senna and Karun Chandhok as its drivers.
France’s Auto Hebdo said the former Prost, Sauber and Honda engineer Jacky Eeckelaert, who worked with new team boss Colin Kolles at Le Mans last year, will also be revealed as being a part of the team.
Hispania was the Roman name for the Iberian Peninsula, including modern-day Portugal, Spain, Andorra, Gibraltar and some of France.