Bernie Ecclestone and Jose Maria Carabante have joined forces to rescue the Campos team, Spain's Diario AS newspaper reports.
The deal will reportedly see team partner and president Carabante take over from Adrian Campos and lead the outfit to its Bahrain debut next month, before the German car giant Volkswagen steps in for 2011.
AS said the team intends to change its official name from Campos Meta 1 prior to the start of the season.
The Valencia headquarters will remain for now, and the multi million euro debt to Italian car constructor Dallara will be paid.
AS, explaining that the touted investment of A1 chief Tony Teixeira never materialised, said former Force India boss Colin Kolles will be team principal.
The newspaper said Bruno Senna's contract as race driver will be honoured, and that the hopeful Serbian outfit Stefan GP will instead need to look to assume USF1's official entry.
This would be seriously crazy!
Kolles runs Audi sportscars so far and it sounds logical if they would revive the four ring Auto Union silver arrows again.
The only thing that makes me doubt it is Stuck's attitude towards team ownership. He said that supplying engines would be fine but a team was out of question for VW.