Manor has just over one week to find the investors required to save the team, according to Motorsport.com.
Manor's operator Just Racing Services Ltd went into administration last week after failing to find new backers. Joint administrators said the team had a "very limited window of opportunity" to find a solution and that deadline has now become clearer.
Motorsport.com reports the administrators need an investor by January 20 if the team is to stand any hope of making the grid for the Australian Grand Prix on March 26. The team's car is believed to be ready to go into production at its Banbury headquarters, but the process cannot start as administrators have blocked all extra expenditure while it searches for a solution to save the team.
The Manor team is no stranger to financial struggles. Under its former guise, Marussia, the team collapsed at the tail-end of 2014 and missed the final three races of the season. It returned in 2015 following a last-minute rescue package which allowed it to compete for the season, albeit with a year-old engine.
Last year appeared to mark a step forward for Manor, which was bolstered with an engine partnership with Mercedes. It had looked set to finish tenth after scoring a point in Austria but lost out to Sauber in heartbreaking circumstances at the penultimate race in Brazil, a moment owner Stephen Fitzpatrick has admitted effectively sealed the outfit's demise due to the loss of prize money.
Manor had been in discussions with race promoter Tavo Hellmund last year but the talks did not lead to a takeover.