Grid newcomer Manor GP is to be rebranded as Virgin Racing as one of four new teams in F1 next season following a sponsorship deal with the global brand.
The news was effectively confirmed by motor sport’s world governing body, the FIA, when they announced the 2010 F1 entry list.
Manor boss John Booth and Virgin chief executive Richard Branson are due to announce the sponsorship deal this week.
Virgin had previously sponsored last season’s constructors champions BrawnGP which themselves have rebranded as Mercedes GP following a buyout by the German car manufacturer.
Virgin Racing joins fellow newcomers Lotus F1 Racing, Campos Meta 1 and US F1 Team in a total of 12 teams.
German driver Timo Glock has already signed to be Manor’s lead driver in 2010, while British company Wirth Research will design the cars.
Sauber are widely expected to be granted an additional place on next year’s grid following a meeting of the World Motor Sport Council in Monaco on 11th December.
Peter Sauber last week regained control of the team he sold to BMW four years ago after the German manufacturing giant’s withdrawal from the sport.