The South Korean tire marque, despite having no previous F1 experience, is believed to have written a letter of intent to the FIA when it emerged that Bridgestone had decided to leave the sport at the end of 2010.

Ultimately, Pirelli won the tender to be F1's sole tire supplier in 2011-2013.

But Kumho Tires' chief executive Jong-Ho Kim said it is at the pinnacle of motor sport that the young brand will demonstrate its technical abilities.

"As we are a relative newcomer with the shortest history among the global top ten tire makers, we need to compete in the global market with our technical power, and motor sports is the area where we can show off our capabilities," he told Tires and Accessories magazine.

Kumho is already a big player in the F3 world, and Kim said the next target is formula one.

"We already completed the development of F1 tires in 2007 and now watch for an opportunity to enter into the F1 market as well," he said.

Hankook is another Korean tire maker linked recently with F1, but Kim insisted Kumho is "the only Korean company to own technology to produce tires for F1 vehicles".