The FIA announced this week that the Andretti project had passed the first two phases of the entry process, having been approved by the governing body.
The matter now passes to F1 for a commercial discussion, which will revolve in large part around the potential impact on the finances of the 10 existing teams.
MORE: How the FIA went from seven F1 new team bids to Andretti
Some drivers have been wary of showing public support for the Cadillac-backed Andretti project given the opposition expressed by current team bosses, and even Hamilton acknowledged that his views might not be popular in the paddock.
"I think it's great," he said when asked by Autosport about the prospect of an Andretti team. "I think in F1 I've always felt that there weren't enough cars on the grid.
"There will definitely be people that won't be happy for me to be so supportive of it! But I think it's great.
"It's an opportunity for more jobs, there's another two seats available for a potential female driver to come through. It opens up more possibilities, and I think it'll be more exciting for the race."
Max Verstappen was also positive, while noting that teams have a different take on the subject compared to drivers.
"That is why it is very hard to comment on that because I speak from the drivers' side," said the Dutchman.
Source: Autosport