(CNN) -- Team US F1 confirmed in Monaco they have lodged an entry with the FIA to compete in the 2010 Formula One world championship.
The American outfit, owned by former Ligier technical director Ken Anderson and one-time Williams team manager Peter Windsor, is the second team to announce their intention to run next year.
Of all the potential new teams eager to sign up under the FIA's $60million budget cap regulation, it is understood Team US F1 are the most advanced with their project.
A further meeting of the Formula One Teams' Association is due to take place after qualifying for the Monaco Grand Prix to discuss an issue that threatens to see Ferrari quit the sport.
That followed several hours of talks on Friday between them and later with FIA president Max Mosley as they seek a resolution to the current crisis rocking the sport.
It is understood the teams and the FIA are drawing closer to a solution, with the clock counting down to the May 29 deadline for entries.
Ferrari president Luca di Montezemolo has repeated his warning in Monaco that his team would pull out of F1 unless there was an amendment to the cap regulation as it stands because of fears of it leading to a two-tier championship.