It is expected that Ford, who own Jaguar, will conclude a sale to the makers of the energy drink, reports the Guardian Unlimited website.
Red Bull has been a long-time sponsor of Formula One business but now aspires to owning its own team.
Any sale will have to be completed by Monday to comply with the deadline for entries in the 2005 world championship that have to be lodged with the FIA by that date.
In the past late entries have been accepted beyond the official cut-off point subject to the unanimous agreement of the other teams and it is thought that such approval is unlikely to be withheld in this case.
It is believed that Red Bull will pay a nominal amount for the Milton Keynes-based Jaguar Racing - possibly a symbolic one dollar - in return for taking on the team as a going concern, though it is set to invest an estimated $400million (£217million) to run the team for the next three years.
