Marussia have been given hope that they could compete in Formula 1 next year as talks continue with an interested party, according to reports.

The team went into administration in October and missed the final three races of last season, but it now appears that they have a chance of survival after an auction to sell the rest of the team's assets was cancelled.

Sky Sports News reports that talks are at an advanced stage with potential new owners, despite the team being in £60m worth of debt.

Marussia finished ninth in last season's constructors' standings.