A Malaysian F1 team, possibly running under the famous Lotus name, could be on the grid for next years Grand Prix season according to the Malaysian media.

The popular newspaper the Malay mail has carried several stories quoting well placed sources indication a desire to get on the grid for 2010.

AirAsia founder and CEO Tony Fernandes is said to be part of a Malaysian-led consortium eager to bid for a spot on the grid.

AirAsia currently sponsors the Williams team but the appeal of a home based F1 team would undoubtedly be very strong.

The Malaysian petro-chemical giant Petronas is also said to be involved in the plan which could involve the purchase of the BMW-Sauber operation.

The Malaysian Government have apparent;y given it’s support to the plan with Sports Minister Ahmad Shabery Cheek indicating that some announcement could be made during or just after the Singapore GP on Sept. 27.

The Malaysian Sports Ministry have funded a string of motorsport events in the past including Alex Yoong’s stint with Minardi and the Malaysian A1 GP team.

According to the paper among the names associated with the project are former Ferrari Global Brand Development director Dany Bahar and former F1 technical director Mike Gascoyne.

Bahar is the CEO of Lotus while Gascoyne is with MGI Ltd. MGI are working closely with Litespeed GP who are interested in joining the series under the ?Team Lotus’ banner.

The news will also be most welcome here in Australia where a Malaysian backed F1 team could provide employment opportunities for top local race engineers and services.