Formula 1’s most iconic team and legendary supercar maker Ferrari may be looking to expand its racing endeavors by contesting the US-based Indycar series very soon. According to reports from Maranello, the brand with the Prancing Horse is reportedly considering shifting some of its resources towards competing in series other than Formula 1, and that would include the American Indycar series and its crown jewel, the Indianapolis 500.

RELATED: This Michael Schumacher-Driven Ferrari F1 Car Was Sold For $6.6 Million

Formula Who?

Via F1i

Skysports Italia has spoken to Ferrari Formula 1 team boss Mattia Binotto who has confirmed that discussions are underway to explore how feasible it would be for the Italian manufacturer to participate on the Indycar circuit, as reported by Motorsport. What has prompted this decision has everything to do with Formula 1’s budget-cutting efforts initiated by its governing body, the FIA.

F1’s budget cap has been lowered even further, from an initial $175M per team per year to $145M, starting in 2022. As such, Ferrari would be able to redirect its leftover resources and manpower towards other racing series, including endurance racing and even another open-wheel series such as Indycars, according to Binotto.

Mario Says Go

Via Enzari

No less authority than America’s last Formula 1 World Champion and legendary F1 driver Mario Andretti has endorsed this decision, stating that it would create a symbiotic dynamic by expanding Ferrari’s popularity stateside while helping Indycar’s image and its own popularity.

However, there are lots of obstacles to overcome on this path: All Indycar teams currently use a spec Dallara chassis while there are 2 engine manufacturers supplying all the teams, namely Honda and Chevrolet. Ferrari entering the scene by providing its own engine, chassis or both to one or more teams will have a reverberating effect on the competition, so all parties would need to tread carefully. Roger Penske, Indycar’s CEO has not spoken on the issue as of yet.

Scarlet Fever

Via Reddit

There are far too many moving pieces and possible scenarios presently, but this should come as hopeful news to all fans of open-wheel racing. We can’t wait to see the scarlet cars, or at least Ferrari engines, wail their Italian song around Indianapolis or on racetracks near us.

Sources: Road and Track, ESPN

NEXT: Ferrari's F1 Ace Vettel Leaving Team At Season's End