The project , according to European trademark applications, is called Historic Formula One, and it's already gaining support and potential participation from the likes of three-time world champion Nelson Piquet, former champ Nigel Mansell, race winner Gerhard Berger and Martin Brundle (a former F1 driver, Le Mans winner and race commentator).
The series is being organized by none other than Bernie Ecclestone himself, the controversial and embattled billionaire in charge of Formula One. Ecclestone also runs the GP2 and GP3 series that give potential future F1 drivers a ladder to climb. The addition of the Historic Formula One championship to the portfolio would give those on their way out a chance to continue competing.
While it may be too early to say what cars they would be driving and what format the races would take, the signs at present seem to be pointing towards the V10 racers that reigned supreme in the 1990s and into the new millennium. As for the events in which they'd compete, we could be looking at support races for the existing grands prix to give fans an extra spectacle on the same ticket.
This wouldn't be the first time we'd see a racing series for old F1 cars and drivers, but could emerge as the most successful. The last was the Grand Prix Masters series ran one race at Kyalami in 2005 and another two (Qatar and Silverstone) in 2006 before shutting down. There are many other individual events at which owners of retired F1 cars compete, but seldom in an organized series with retired stars at the helm.