Hyundai are planning to enter Formula One in 2010, for the inaugural South Korean Grand Prix.
The Korean car manufacturer are believed to have been talking with Formula One ringmaster Bernie Ecclestone over a potential grid spot since he agreed a deal to stage a race in the south of the Asian country last month.
German magazine Automobilwoche quoted a high-ranking manager of the Korean car-maker as saying: "Talks with Formula One chief Bernie Ecclestone are in progress."
Hyundai maintain that they plan to re-enter international rallying in 2008 - potentially with a works team in the World Championship.
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