Colin Kolles has confirmed that a technical partnership with Toyota's former Cologne-based F1 team is an "option" for Hispania Racing Team.
At Hockenheim on Friday, HRT driver Bruno Senna indicated the two parties are in talks but insisted that no agreements are signed yet.
Earlier this week, Toyota Motorsports refused to comment. Toyota spokesman said: "We can neither confirm or deny that. Generally we don't comment on that sort of thing."
"Toyota is an option, I think it might be good for us," HRT team boss Colin Kolles is quoted by Spain's AS newspaper at Hockenheim.
Reports said the HRT/Toyota deal would involve use of Toyota's Cologne headquarters, staff and designs of the unraced 2010 car. Before the money arrives from Spain, Toyota is reportedly rehiring engineers including by publishing announcements in specialist magazines.