The Toro Rosso name could disappear at the end of the Formula One season with the Italy-based team seeking to race in future as Alpha Tauri, a fashion brand also owned by Red Bull.
Speedweek.com quoted Red Bull's motorsport consultant Helmut Marko as saying at last weekend's Russian Grand Prix that governing body FIA and commercial rights holders Liberty Media had approved the move.
"Now the application goes through the different teams," said the Austrian. "I expect no difficulties."
There has been no official word from the team, but Formula One sources confirmed the process was ongoing.