The cash-strapped outfit was given a few more weeks of breathing space when a winding-up order was transferred yesterday.
But Cosworth's head Brendan Connor said that the team was likely to miss Sunday's race in Monza.
"If they do go and indicate they are seeking the consent to run, then there will have to be some sort of settlement," Connor said. "We have not yet been informed that they won't attend, but it looks unlikely."
Already financial troubles at Arrows have seen the it unable to compete in three of the last four rounds of this year's championship.
The team, which was declared insolvent earlier this year, is reportedly on the verge of being bought by US mining entrepreneur Cal Smith.
