Aston Martin looks set to make a sensational return to Formula One at the Australian Grand Prix this weekend.

An Aston Martin insider confirmed that the brand is making "a significant announcement" in Melbourne this evening, before cars take to the track at Albert Park on Friday.

The manufacturer has been linked with a number of teams in recent months, with Force India, Williams F1 and Red Bull Racing reportedly in discussions with the manufacturer.

Red Bull Racing is shaping as the likely candidate with F1 team's chief designer Adrian Newey already believed to be working with Aston Martin on a new hypercar to compete against the likes of the Ferrari LaFerrari and Porsche 918 Spyder.

Aston Martin chief executive Andy Palmer spoke with Drive at the Geneva motor show earlier this month, where he explained the brand's potential for going racing on motorsport's largest stage.

"I love Formula One, I've been going since I was that high," he said.

"For me, Formula One has a merit when it can deliver something technologically from the track to the road. For me the reason to go into Formula One is basically for the technology transfer."

"There's a good business rationale for being involved in a sport that's watched by more people than any other motorsport. There are good, logical business reasons to do it.

Palmer said Aston Martin would only become involved in F1 if there was a direct benefit to customers.

"We have to be different to Johnny Walker. Johnny Walker has nothing to do with motorsport save for putting their name on the side of the car. It basically gets media attention and advertising equivalencies, there's a good reason to do it.

"Unless there's a technology transfer story we won't do Formula 1."

The British marque recently agreed to a technical partnership with Mercedes-AMG, which will provide powertrains and electrical systems for future road cars. Mercedes-AMG powers a number of teams on the F1 grid, including Force India, Williams and Manor as well as its own championship-winning outfit.

Red Bull Racing has also been linked to Aston Martin, having cut ties with Infiniti. Palmer previously served as Infiniti's chairman, where he was instrumental in the luxury brand's sponsorship of Red Bull Racing.