British Formula Three team boss Trevor Carlin will run the Russian-backed Midland F1 team planned for 2006, according to Autosport magazine.
"I'm very excited about it. For anyone who is ambitious in motorsport, the pinnacle is F1," he said.
"It's very rare to get the opportunity to go in at the beginning and do it the way you want to do it."
Carlin added: "I was never going to land a senior management role at Williams or McLaren."
Midland F1 is the brainchild of Russian-born Canadian businessman Alex Shnaider, 36, whose privately-owned Midland Group operates mainly in the former Soviet Union, Eastern Europe, Canada and China.
The team has yet to name an engine supplier or drivers but the car will be built in Italy by Dallara, regular winners of the Indy 500 in America in recent years.
"Mr Shnaider is great and very passionate about the sport
and the business will be run very efficiently," Carlin told the magazine.
"I'll spend the money as if it's my own and we'll cut out
the excess that's been in F1 for the past 10 years. How many
other F1 bosses do you find washing wheels?"
Carlin's team won the 2001 British F3 championship with F1 star Takuma Sato.
He also runs teams in the Nissan World Series and British Formula BMW.