Slim, a telecommunications magnate ranked as one of the worlds three richest men along with investor Warren Buffett and Microsofts Bill Gates, is reportedly considering buying the embattled F1 outfit after visiting its Brackley factory just before Christmas.
Honda Racing bosses Nick Fry and Ross Brawn have been working on finding a buyer for the team since the Japanese car manufacturer decided to pull the plug on its F1 operation in early December, citing a slump in sales precipitated by the global economic downturn.
Italian newspaper La Stampa reported on Saturday that Slim was poised to rescue the team having agreed the broad terms of a buyout deal.
However few details were forthcoming and it is thought that negotiations will continue into early January, with Fry having previously indicated interest from up to three other potential investors.
The Slim deal would reportedly involve Jenson Button continuing to drive for the team, but veteran Rubens Barrichello being replaced by GP2 star Bruno Senna, who impressed during Hondas driver evaluation exercise in November.
Senna, nephew of the late triple world champion Ayrton, is sponsored by Embratel, a Brazilian subsidiary of Slims telecommunications company Telmex.
Button signed a new deal with the team shortly before Honda Japan dropped its bombshell and has been left facing an uncertain future.
Although he has been given permission to seek a drive elsewhere, there are few vacant seats and the 28-year-old Briton has pledged to remain loyal to his current team until its future is resolved.
While on-track activities have been cancelled and engine production has ceased, Honda has been continuing with development of the 2009 car to bolster the teams attractiveness to prospective buyers as a ‘turn-key operation with full constructor facilities and a ready-to-go 2009 package.