Williams is set to complete its 2012 race driver lineup after Bruno Senna signed a contract.
Italy’s Autosprint cited "Brazilian sources" in reporting that the former HRT and Renault driver, whose famous uncle Ayrton Senna died at the wheel of a Williams in 1994, will replace Rubens Barrichello and become Pastor Maldonado’s new teammate.
"The commitment should be official within the coming days," said the report.
Autosprint said Senna has amassed an impressive EUR 14 million in major Brazilian sponsorship, including OGX, an oil giant headed by billionaire Eike Batista.
The deal reportedly also includes team sponsorship by 28-year-old Senna’s sponsors Embratel and Gilette.
Autosprint said Force India refugee Adrian Sutil had been in contention for the seat, but the reduction in value of his Medion sponsor backing "was crucial".
The unofficial news was also reported by the Brazilian Grande Premio website, who said Senna signed the contract in the UK on Monday.