The former Honda Formula One team are planning to attend a pre-season test in a clear sign that they will be saved from the scrapheap.

An informed source, who did not want to be named, told Reuters on Thursday that plans were in place for a shakedown of the new car, expected to be powered by a Mercedes engine, at Silverstone next week.

The team could then join other Formula One teams for an official test at Barcelona's Circuit de Catalunya later in March.

There was no official comment from the team but if confirmed, it would be the team's first test since parent company Honda announced in December that they were pulling out of the sport and selling the team.

The BBC also quoted a senior source at the team as saying "We're carrying on as if we're going to (the first race in) Melbourne" and said team members had been told a deal was close.

British entrepreneur Richard Branson's Virgin Group had been linked to the team but Honda said on Monday they currently saw no serious buyer.

That appeared to leave the Japanese manufacturer with a straight choice of agreeing to a planned management buyout or closing down the British-based team with the loss of some 700 jobs.

The season starts in Australia on March 29 but the team would have at least two deadlines before that date, with cars having to be flown to Melbourne at least a week before that and then be presented for scrutineering on the eve of first practice.

If the team are saved, Britain's Jenson Button looks sure to be one of the race drivers with the other seemingly a choice between Brazilian rookie Bruno Senna and his compatriot Rubens Barrichello.

While Senna would bring some much-needed funding, Barrichello has the advantage of being Formula One's most experienced driver -- a plus for a team with a little-tested car at a time of significant rule changes.