Oxfordshire business tycoon Richard Branson is set to sign a deal with the new Formula 1 team Manor GP.

The Yorkshire-based outfit, whose cars are designed, developed and built by Wirth Research in Bicester, will be rebranded as Virgin Racing as one of four new teams in Formula 1 next season.

Branson sponsored Brawn GP last year, but has decided to link up with Manor GP for next season. And the switch was rubber-stamped by motorsport chiefs when the FIA published their 2010 entry list.

Virgin Racing join fellow newcomers Lotus F1 Racing, Campos Meta 1 and US F1 Team in a total of 12 teams.

German driver Timo Glock has already signed to be Manor’s lead man in 2010.

Sauber are widely expected to be granted an additional place on next year’s grid following a meeting of the World Motor Sport Council in Monaco on December 11.

The Formula 1 Commission are also set to discuss Toyota’s fate next week.

The Japanese manufacturer surprisingly pulled out of F1 at the end of last season, despite signing the new Concorde Agreement that bound them to the sport for the next three years.

Speculation has surfaced of late regarding a potential takeover, yet it is unclear whether a buyer would automatically be granted an entry on the basis of Toyota’s signature on the Concorde.