Status Grand Prix will develop an LMP2 sports car with the ultimate goal of competing in the 2013 FIA World Endurance Championship.
The Silverstone-based team, winner of the 2009 A1GP championship, will take delivery of the 2012-specification Lola B12/80 Coupe in the next few weeks. It is yet to finalise its test and race programme for this year, but is working toward competing in the newly-established WEC from 2013.
Status says the project will not affect its commitments in GP3, where the team finished runner-up in both the drivers' championship - with Robert Wickens - and teams' championship in 2010, and also claimed two victories in 2011.
While this will be the first time Status GP fields its own entry, it has previously operated as a technical partner in both GT1 and LMP2, notably competing in the Le Mans 24 Hours in 2006 and 2011.
Team founder Mark Gallagher said he believed the team was right to explore a sportscar programme.
"This is a significant step for the team and perfectly complements our important GP3 activity as we seek to develop parallel racing programmes up to World Championship level in the future," Gallagher said.
"We have enjoyed an excellent relationship with Lola over the last eight years and believe this is an exciting time to enter the world of sports prototype racing.
"There are more automotive manufacturers coming into the sport, the European and American Le Mans Series have paved the way for the creation of the FIA World Endurance Championship, while sponsors and drivers are recognising the benefits of competing with these superb cars at prestigious events around the world."