Formula 1 said it had reached "an agreement in principle" with General Motors (GM), which owns Cadillac, to support bringing a team into the paddock.

"Formula 1 has maintained a dialogue with General Motors, and its partners at TWG Global, regarding the viability of an entry following the commercial assessment and decision made by Formula 1 in January 2024," Formula One said in its statement.

"Over the course of this year, they have achieved operational milestones and made clear their commitment to brand the eleventh team GM/Cadillac, and that GM will enter as an engine supplier at a later time," Formula One said in a statement.

The cars are expected to be powered by Ferrari before it develops its own engines.

The move comes after Formula 1 rejected the bid which was headed up by Andretti - owned by Michael Andretti, son of 1978 world champion Mario Andretti - earlier this year.

Nearly a fortnight ago, GM announced it had registered with the FIA to become a Formula One engine manufacturer from 2028, offering support to Andretti's bid to join the F1 grid.

The Andretti name has since been dropped from the proposal with Michael no longer involved, although Mario is understood to be taking on an ambassadorial role.

"It's an honour for General Motors and Cadillac to join the world's premier racing series, and we’re committed to competing with passion and integrity to elevate the sport for race fans around the world," said GM president Mark Reuss.

The US has become an increasingly important stop on the F1 tour: this announcement comes less than 48 hours after the Las Vegas Grand Prix which, after Miami and Austin, is the third US race on the calendar.

The Netflix series 'Drive to Survive' has also boosted the sport's profile in the US.

FIA president Mohammed Ben Sulayem, who had been in favour of the original Andretti bid, said he was "fully supportive" of the arrival of the GM/Cadillac team.

"All parties, including the FIA, will continue to work together to ensure the process progresses smoothly," he said.

Stefano Domenicali, the president and CEO of Formula 1, described the news as "an important and positive demonstration of the evolution of our sport".

"We look forward to seeing the progress and growth of this entry, certain of the full collaboration and support of all the parties involved."