Super Aguri, the Japanese team seeking to enter Formula One next season, could run four-year-old Arrows cars.
Suzuki plans to head up an 11th team in Formula One next season
Super Aguri have applied to become the 11th team in the competition but are racing to be ready for the first Grand Prix in Bahrain on 12 March.
Former Minardi boss Paul Stoddart bought five Arrows cars in 2003 when the now-defunct team folded.
"We are negotiating with them, it's the only thing that makes sense given the time scale they've got," said Stoddart.
"Minardi were running a 2002 car up to Imola 2005. We didn't change an awful lot in that period."
Stoddart has since sold Minardi to Red Bull but has retained the Arrows chassis and intellectual property rights.
Super Aguri, run by former Formula One driver Aguri Suzuki and set to be powered by Honda engines, have taken over the old Arrows factory at Leafield.
They are expected to run Takuma Sato after he lost his drive at BAR, although a decision will not be made on their entry until December.
Meanwhile, four teams on the grid - BAR, Sauber, Jordan and Minardi - have also applied to change their names for next season.
Sauber will be known as BMW Sauber F1, Jordan will be renamed Midland F1 and Minardi will become Squadra Toro Rosso.
BAR, who have been bought by Honda, have yet to reveal what they will be called.