Epsilon Euskadi would be interested in taking the BMW Sauber team's vacant slot in Formula 1 in 2010, if the German squad is not sold on to new owners.
Epsilon was one of the teams to submit an entry for next year's championship, but in the end the FIA opted to give entries to Campos Meta1, Manor Grand Prix and Team US F1.
Epsilon boss Joan Villadelprat insisted however that he was still hopeful of making the grid in 2010 if one of the 13 teams on the list failed to compete.
Despite time running out to get the project ready in time, Villadelprat said his team is still working on its F1 plans and would be willing to take the spot if it was left open.
"We are still working on the project, at a much slower rate obviously because we don't have the security [to be on the grid]," Villadelprat told AUTOSPORT.
"What we can say is that the people who were interested in helping us are still interested, which is something incredible. And if the opportunity arises, we are going to attack it, there's no doubts about it."
The former F1 team manager admitted he was surprised about BMW's decision following all the work the German car maker has carried out for the future of the sport.
"I'm surprised because they have done a lot of work, on the Concorde Agreement, and being members of FOTA... But it's the always same with big manufacturers, and in the end it's other people making the decisions, and that's what Max Mosley feared and what he was saying."
On Wednesday, BMW announced it will withdraw from Formula 1 at the end of the 2009 season, and it is not yet known if the former Sauber squad will remain on the grid next year under a different name.
Board member Dr. Klaus Draeger said BMW was yet to decide on what it will do with the team or its staff.
"Since we only made this decision yesterday, we cannot provide any more precise information," he said. "We will develop and assess various scenarios and do our best to find a solution for the employees in Hinwil and the staff members involved in the Formula 1 project in Munich.
"We are aware of the responsibility we shoulder and will inform the staff as soon as we can make a clear statement."