Daniel Ricciardo is set to replace Narain Karthikeyan at Hispania for the rest of the season.
Reuteurs and the Australian herald Sun are reporting that the talented Australian will line up at Silverstone next weekend to partner Vitantonio Liuzzi.
Ricciardo is part of the Red Bull driver programme and has been a test driver with sister team Toro Rosso this season. But impressive recent performances by Sebastien Buemi and Jaime Alguersuari have prevented the youngster from getting a race seat.
Ricciardo, who turns 22 on Friday, has taken part in Friday practice for Toro Rosso this season and has been tipped to get a full race drive with that Red Bull-owned team next year, if countryman Mark Webber chooses to leave.
“I had to pinch myself a couple of times to be sure that it’s real. Now I’m excited and can hardly wait to drive at Silverstone,” added Ricciardo.
“It’s a new challenge, a new experience, a new team, but I’m ready and will give of my best in any event.”
Hispania team chairman Jose Ramon Carabante is hopeful the loan is “just the start of a fruitful relationship” with Red Bull.
“This agreement is a reward for all the hard work Hispania Racing has shown since we started in F1 last year,” said Carabante.
“We’re proud the F1 world champion team has trusted us in their effort of developing their drivers.”
Toro Rosso team principal Franz Tost said in May that Ricciardo was learning with each race he attended and indicated that he would offer him a seat for next season.
“He should learn the team, all the race tracks, to work together with the engineers, get a little bit of knowledge about the press work, about the marketing and this should be the preparation for him to race for Toro Rosso in 2012,” he said.
But the upturn in form of Toro Rosso – who currently sit seventh in the championship – has forced Ricciardo to look elsewhere.
Although the deal is said to be for the rest of the season it is widely believed that Karthikeyan will regain his seat for the inaugural Indian Grand Prix in October.