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The Spanish newspaper Diario AS reports that Campos Meta intends to change its name to Hispania Racing F1 Team before the season gets underway.

However, the name change would need to be approved by the FIA, and this would probably only come once the other teams have given their approval.

It is still unclear - whatever the team is called - whether the Spanish outfit will even be on the grid next week, as the last official communication came from Colin Kolles (right) on 19 February when he announced that the team had been taken over by Spanish businessman Jose Ramon Carabante.

In recent weeks there has been all manner of speculation including talk of mergers with US F1 and Stefan GP, leaving the FIA - which has yet to issue a finalised entry list - and rival teams as confused as the rest of us.

It is believed that Bruno Senna will be retained, while at the weekend sources close to Karun Chandhok claimed that the Indian driver was on the verge of signing on the dotted line.

It is unclear when the team's Dallara chassis will be unveiled or when the car will take to the track.