British sports car maker Aston Martin is all set to return to Formula One after close to half a century. 

The Sahara Force India F1 Team is in talks with Aston Martin and Scotch whisky brand Johnnie Walker for a deal that is expected to result in re-branding the team name as Aston Martin Racing from 2016 season, reports

"Yes, there are discussions on with Aston Martin. Yes, there is excitement on both sides," Vijay Mallya, co-owner and team principal of the Sahara Force India F1 Team, told Reuters at the Mexican Grand Prix.

"This is a sort of tri-partite discussion that is going on which involves Diageo with its Johnnie Walker brand as well," he added.

It is not surprising Force India is in talks with Aston Martin as both the owners of the F1 team are not in a strong position financially.

Mallya is in trouble because of the collapse of his Kingfisher Airlines, while the team's other co-owner Subrata Roy of the Sahara Group is in an Indian jail for more than a year now in connection with a Rs 24,000-crore financial irregularity. 

The Silverstone-based Formula One team has been using Mercedes powered engines; Mercedes-Benz owns a 5% stake in Aston Martin. It would be easier for Aston Martin to pull off the deal as the new team need not have to find new engine suppliers.

Aston Martin, known for the choice of fictional British secret agent James Bond, is currently making loss in the business and is in a bid to change the image by entering Formula One. The company previously was in talks with Red Bull and Williams Formula One teams as well.