Formula 3000 champions Arden claim they would be ready to move up to Formula One if cost-cutting changes are agreed.
F3000 champion Wirdheim is now testing for Jaguar
"It's something we've been looking at for a long time now and it's great to see it is gathering momentum," Arden boss Christian Horner told Autosport.
"If a firm decision is made by June, it's possible we could be ready for 2005. Otherwise 2006 would be a natural entry point."
FIA boss Max Mosley has proposed a raft of changes to bring costs down in F1.
Toyota were the last new team to enter the sport, in 2002.
Formula 3000 is the support series for Formula One at Grand Prix weekends and several top drivers, including Juan Pablo Montoya and Mark Webber have raced in it.
Last year's winner, Sweden's Bjorn Wirdheim, is now the
Jaguar test driver.
Horner said Arden's entry would be dependent on them being allowed to buy a chassis as well as an engine supply from another team.
He estimated an annual budget of around £15m would be needed - a fraction of current F1 team budgets.
F1 team bosses are due to meet the FIA in Monaco to discuss the wide-ranging proposals to cut costs and encourage new teams to enter the sport.
They would be introduced 2008, once a current agreement governing the running of the sport expires, but could be brought forward if teams agree.