The Epsilon Euskadi team is aiming to be on the Formula 1 grid in 2011 after the FIA re-opened the selection process to fill the vacancies available next year.
Epsilon applied for an entry for the 2010 season, but the Spanish squad was not granted any of the slots available at the time.
Virgin, Lotus, Campos and US F1 were the teams chosen, the latter not managing to make it to the grid.
Epsilon, led by Joan Villadelprat as well as former F1 designer Sergio Rinland, has restarted work to check the viability of the F1 project now the FIA has invited new teams to apply for an entry.
The Vitoria-based outfit is now seeking to secure the backing to compete in 2011 before submitting its entry.
The FIA said all the candidates have until 15 April to register their expression of interest, and that a decision on the entrant would be announced by July.