Michael Andretti has secured a formal agreement with Renault for the French manufacturer to power its F1 efforts from 2024 according to the American team owner's father, Mario Andretti.
The 1978 F1 World Champion broke the news recently of his son's plans to enter Grand Prix racing in two years with a new entity, Andretti Global, which has already submitted its entry to the FIA for the governing body to consider.
But Andretti Sr has also revealed that the US outfit's plans are so advanced that an engine deal with Renault has been struck, although it's likely that the two parties have reached a conditional preliminary agreement rather than signed a "formal" contract despite Mario's characterization of the deal.
"We’re not just new boys in town," the motorsport legend told David Land in an interview published on the latter's YouTube channel.
"We know the prerequisites and also there’s a time factor here. Once we said go ahead, we’ve got to go.
"So a lot of work has been done. We know where the facility is going to be built in the UK. We know we have people, prominent individuals that have done this type of work as far as start-ups. We have a lot of things in mind.
"We have formal agreement now on the engine supplier and it’s out there, it’s going to be Renault, I’m allowed to say it now."
However, in an interview with Motorsport.com, Michael Andretti stated that Renault was "one of the options" being considered by Andretti Global, with the IndyCar team owner hinting at "another one" which is understood to be Ferrari.
An engine supply deal between the prospective American team and the House of Maranello would boost the latter's presence in F1 to four teams and eight cars, and therefore increase its potential political clout.
Michael Andretti added that the clock was ticking regarding its plan of joining the F1 grid in 2024.
"We need it fast because the clock’s running for us to be there in 2024. We need to know [from the FIA] within a month."
Andretti's plans have been met with a degree of push-back by several F1 teams who fear that the value of their franchise would be diluted by F1 adding an eleventh entrant.
Furthermore, Mercedes boss Toto Wolff said that if Andretti wishes to join the grid, it will need to make a compelling case that its presence will add value to the sport as a whole.
"To me it’s a no-brainer," said the 1991 CART PPG IndyCar champion. "I don’t know what the hold-up is, so hopefully they figure it out.
"The way we’re going to do it is going to be first class all the way. We’ve got big plans that will really be good for Formula 1.
"My backers are great, they’re in it to be competitive, they’re not just in it to say they’re in Formula 1.
"They’re sports guys, they’ve turned sports franchises around from where they weren’t competitive to then being competitive, so they know how to do this stuff.
"So it would be a shame if we couldn’t pull it off. It’ll be good for everybody."
Keep up to date with all the F1 news via Facebook and Twitter