Honda will quit Formula One on Friday, BBC Sport understands.
The Japanese company hopes to sell its team, which costs £200m a year to run, but is prepared to close the team early in 2009 if no buyer is found.
Sources told BBC Sport the team were "optimistic" they would continue, but no investor had yet been found. However, according to the Reuters News
agency, team bosses Ross Brawn and Nick Fry fear Honda could close the Brackley-based team within weeks.
According to a Reuters source, Brawn and Fry told a meeting of the Formula One Teams' Association: "They have a month to find a buyer, otherwise they are closing the team."
Honda, who recently cut road vehicle production as a response to the global economic crisis, are expected to make an announcement regarding the team's future at 0500 GMT on Friday.