The organisation behind the initiative is called the World Cup of Motorsport and is using the A1 GP logo, although it's not yet clear whether that will be the definitive series name.
The original A1 GP ran for four seasons between 2005-2006 and 2008-2009 before its financial collapse led to the cancellation of its fifth campaign.
The series saw teams competing under the banner of countries with drivers of the same nationality.
For the first three years, a Zytek-powered Lola chassis was used and was then replaced by a Ferrari-supplied car and engine for the fourth season.
The new series is expected to run in a similar format, with 20 identical cars using sustainable fuel, and each nation's team featuring a combination of experienced and younger drivers. There will also be an "innovative race format", according to one source.
As revealed by Sky Business News and since confirmed by Autosport, the man behind the latest initiative is entrepreneur Sir Keith Mills, who is best known for founding the UK's Nectar and Air Miles loyalty schemes.
Mills was also one of the men behind the successful delivery of the London 2012 Olympics and Paralympics as deputy chairman of the organising committee.
He is also heavily involved in sailing, having founded an America's Cup contender Team Origin in 2007 with Ben Ainslie as skipper. The programme was cancelled prior to the 2013 competition.
Source: Autosport