Michiel Mol, the Dutch businessman looking to buy Midland, is hopeful that his takeover of the team will be completed later today.
Talks between current owner Alex Shnaider and Mol are in their final stages and, barring a last-minute hitch, the deal could be confirmed as early as tomorrow morning.
Speaking to autosport.com on Saturday morning, Mol said that he was quietly confident about the deal being completed in the next 24 hours.
"Nothing is signed yet," he said. "Hopefully we will have some good news later today and then we can say a bit more tomorrow.
"But, with things like this, you can never say for definite what will happen until it is over."
Mol's takeover is linked with Dutch car manufacturer Spyker. Should the deal come off then the team could be renamed Spyker.
Former Toyota technical director Mike Gascoyne is expected to be announced as part of the team if the takeover is completed.