A wide variety of names have been linked with the vacant seat in recent months, but Binotto has so far remained tight-lipped when probed.
Mercedes reserve driver Mick Schumacher is has been linked with the position, with the German eager for a second chance in the sport following an ill-fated spell at Haas.
Franco Colapinto - who has impressed at Williams since taking over from Logan Sargeant last month - is also rumoured to be in contention, with his current boss James Vowles hinting at a possible deal.
Sauber may instead opt to go for a more experienced racer ahead of Audi's arrival, with Valtteri Bottas the favourite to retain his seat at the team, while another current driver in Zhou Guanyu has also not been officially ruled out.
Speaking to Sky Sports Germany at the US GP, Binotto discussed what factors will come into play as he nears a final decision, hinting that an announcement could be made very soon.
"It's a question of philosophy," said the Italian. "Of course it's also about a necessity on our journey.
"I know that just because some drivers are with us next year doesn’t mean they will be with us in 2030 as well.
"We have to decide what's best for the team now, we have to see what’s the best for the team but we are in no hurry.
"This is kind of a luxury - we’ll take the time and I'll tell you soon, or at least as soon as possible, we'll make a decision."