Marussia boss John Booth hopes the team can put together a rescue package in time for them to take part in the first race of the new Formula 1 season.
The Banbury team were put into administration in October and missed the final three races of the 2014 season before being wound-up before the end of the year.
But Booth told the BBC that the team were “at a fairly advanced stage with a new investor, a credible investor”.
This month’s auction of the team’s 2014 cars, which they would need to race in Australia in March, has been called off indefinitely while Marussia try to finalise plans.
Administrators FRP Advisory confirmed Wednesday’s auction was cancelled “to allow for discussions to continue with a third party”. Last month American motorsport owner Gene Haas, who is looking to get into F1, bought several lots at one of the Marussia auctions.
Booth told the BBC an agreement needed to be completed “in the next couple of weeks” if the team were to race in Melbourne.
Marussia do not have time to build a new car but the 2014 cars are currently in Abu Dhabi and Booth said it would be a “fairly straightforward job” to prepare them for Melbourne.