The FIA have revealed that they are looking for a 12th team to compete in Formula 1 from the start of either the 2015 or 2016 season.

Any potential new team have until January 3 to declare their interest to the governing body along with with an administration fee of $5,000 (£3,000).

"The FIA has decided to open a new selection process to identify a candidate team to participate at a competitive level in the FIA Formula One World Championship from the start of the 2015 or the 2016 season up to 2020 inclusive," read a statement on their website.

"The overall long-term interests of the championship will determine which candidates are selected."

Only 11 teams contested this year's championship following the end of HRT last year.