Ian Parkes claims that the team has until June 23 to lodge the bond.
Jun.4 (GMM) Colin Kolles' new Formula One team still has a high hurdle to clear before it can join the grid.
Media reports this week have claimed that - like the prospective 2016 outfit Haas Formula - the Ferrari-linked, Romanian-backed 'Forza Rossa' has also obtained the FIA's approval to enter the sport within the next two years.
It is believed Kolles, the former HRT and Force India chief, has received a 'letter of intent' from F1's governing body.
But PA Sport correspondent Ian Parkes explained on Tuesday: "They (Forza Rossa) have yet to lodge the required bond guarantee of $20m."
He said the team has until June 23 to lodge the bond.
Nonetheless, it appears that Kolles' plans are well advanced.
Italiaracing reports that the project has Romanian state and private links, held together by Ion Bazak, a senior Romanian politician and chairman of the Romanian importer of Ferrari road cars, also called Forza Rossa.
Also being reported from Italy is that Nicolo Petrucci, formerly Toro Rosso's aerodynamics chief and with links to both Ferrari and Dallara, could be set to join the Haas project.