In 2023, they have had a poor season with driver inconsistencies and an underperforming car leaving them bottom of the constructors' championship, attaining just five points.
The AlphaTauri team currently takes its name from the clothing sector of the Red Bull brand, but Helmut Marko recently announced that the new name will 'follow Red Bull as far as the regulations allow'.
Now, Bayer seems to have confirmed this, but hasn't given anything away on what the new name will be.
"The discussions are going very well, but unfortunately I cannot yet reveal the name of the team,” he told Auto Hebdo.
"The shareholders have made the choice regarding the identity of the team, we are going to get a little closer to the Red Bull family.
"It's an exciting time to see the birth of a Formula 1 team, it's a unique experience, I'm very happy to experience this."