Plans have been in place for the attempt for some time but Ellen MacArthur's recent record breaking voyage has boosted the team's hopes as their potential sponsor re-considers the marketing potential of an £8million round the world campaign.
The team has a build slot for a Volvo 70 design at Green Marine starting on February 25.
Veteran Olympic and Whitbread sailor Lawrie Smith would be the team's sailing director and could sail in the race himself.
Brian Thompson, currently leading the Oryx Quest skippering Doha 2006, would skipper the Volvo entry.
Yacht designer Simon Rogers said that the branding and marketing achievements delivered by MacArthur's effort should prove to any company that sailing success on a global scale brings immense opportunities.
