"It's a great project. The design work has been done with cars painted white and carrying the club's crest," Calderon was reported as saying in the Spanish media.

"The agreement is with a team with a good chance of winning and will be for one or two grands prix, but at Montmelo for sure. It will be especially good fun to see a car racing in Barcelona with a big Real logo on it."

The idea of Real sponsoring a Formula One car first surfaced in June during the club's presidential election as an idea put forward by aspiring candidate Juan Palacios.

Palacios, who has connections with double world champion and Real fan Fernando Alonso, promised to have a Real logo on Alonso's Renault and to make the driver an official ambassador for the club, if he won.

Alonso is leaving Renault to race with McLaren next season.

Real beat arch-rivals and Primera Liga leaders Barcelona 2-0 on Sunday to go fourth in the league.

Before the game they opened the doors to the Bernabeu early to allow fans in to watch the season-deciding Brazilian Grand Prix live on the giant screens.

"We had the idea of getting Fernando to dedicate his victory from Brazil to the Madrid fans but it wasn't to be," Calderon added.

"Now we are trying to get him to come and do the honorary kick-off at a match instead."

The Spanish Grand Prix is scheduled for May 13 next year.