Oct.8 (GMM) Ferrari has confirmed speculation that the Maranello based squad is in talks with organisers of the rival open wheel series A1 Grand Prix.

We reported last month that sporting director Stefano Domenicali was spotted at an A1 test at Silverstone, sparking rumours that the Italian marque might want to get involved in the series.

The contracts of current chassis and engine suppliers Lola and Zytek are up for renewal at the end of the current season.

It is also rumoured that Ferrari's talks with A1 organiser Tony Teixeira, a South African businessman, could involve an arrangement to buy into Faenza based Toro Rosso to create a Ferrari satellite team in F1.

Asked about the Ferrari-A1 reports, Reuters quoted a Ferrari spokesman as saying: "We are in talks with them."