The Manor World Endurance Championship squad is set to expand into LMP1 in partnership with Ginetta in 2018.
Manor is the first team to announce its intention to run Ginetta's newly-announced LMP1 privateer contender.
The squad, which joined the WEC in 2016, will field the car on a works-supported basis.
Manor sporting director Graeme Lowdon told Autosport: "With what is happening in P1 at the moment, we believe that 2018 could be the right time to enter as a privateer.
"We've been talking to Ginetta for some time and think that a P1 programme will play to our strengths as a group that has previously built its own cars [in Formula 1]."
Lowdon said the P1 plans were dependent on "making the P1 business model work".
"As always, it is subject to finance, but if we don't start working on our plans now, it won't happen," he added.
Lowdon stressed that Manor would also remain in LMP2 should its graduation to LMP1 come to fruition.
"We see P1 as an addition and not an alternative," he explained.
"We are committed to LMP2 and it is our main focus for 2017 at the moment."
Lowdon confirmed that Manor will stick with ORECA for this year's WEC LMP2 programme and upgrade its existing 05 chassis to the latest 07 specification.
Manor is known to be working on a two-car entry in the series, which will announce its entry list on February 2.