The team have also secured the signature of one of the sport's most experienced drivers, with Nico Hulkenberg putting pen to paper on a multi-year deal in April.
However, a 10-time race winner has called for caution ahead of the outfit's historic introduction to the sport.
Former F1 star calls for Audi 'patience'
Former Ferrari and McLaren driver Gerhard Berger believes it could take years for Audi to achieve their goals, adding that they must be prepared to make mistakes along the way.
Speaking to Bild, the Austrian said: "A German premium manufacturer in Formula 1 is an absolute enrichment, but you shouldn't underestimate entering the highest motorsport class - it takes patience and few mistakes.
"I remember Red Bull. I was close to them back then, and despite Adrian Newey and a few mistakes, it took them six years to become a winning team."