The former Ferrari and Jaguar driver, who made his F1 debut for team founder Eddie Jordan, is reportedly backed by an unnamed Russian businessman.
Earlier, separate speculation hinted that Russian-Canadian Alex Shnaider regrets buying the Silverstone based operation.
Indeed, he narrowly averted a recent winding-up petition courtesy of an unpaid creditor, and stalled on due payments for the Brackley wind tunnel to the point that Eddie Jordan ordered locks to be changed.
Irvine, 39, stayed away from the F1 paddock since he retired in 2002, but - this year - has now shown up at Imola, Barcelona, and (on Sunday) Monte Carlo.
He appeared on a recent Irish rich-list as wealthier even than countryman Eddie Jordan, who sold the team last season. -GMM