In May, Mattia Binotto, the boss of Scuderia Ferrari, announced they were considering entering Indycar as a way to re-deploy staff and resources due to the upcoming financial reductions in F1 known as the budget cap, and Penske has now confirmed that the talks have entered preliminary stage. As Penske said: "Obviously we’re looking at potentially adding other manufacturers. You probably heard it, there’s been discussions with Ferrari, [who] might be interested in joining the series, coming in 2022 when we have the new engine rules, and that would be a great asset to have a third manufacturer in the series.”

Before, Scuderia Ferrari was believed to also potentially venture into the territories of WEC, but Penske believes in their interests in entering the Indycar series. With the budget cap being introduced during the season of 2021, Ferrari have been looking into different possibilities into redistributing their work source rather than letting the people go. Entry in series such as Indycar could be a good way to do so. The budged cap for 2021 in F1 will start at $145million, but will be continually reduced in the upcoming years. 

Penske admits they’re looking for new potential entries into the series. As he said: “We are trying to attract new manufacturers to the sport. Ferrari has shown public interest before and so we have sat down for a talk. For IndyCar, Ferrari would be a great addition.”

Ferrari is the second team to express their interests in series such as Indy, since McLaren earlier has also expressed their enthusiasm for joining, and they will do so through their partnership with Arrow Schmidt-Peterson team in the season of 2020, while planning to join full time in the near future.