The Japanese company is one of six manufacturers that have registered their interest in producing engines for the new regulations that begin in 2026.
While continuing with current partners Red Bull and AlphaTauri is no longer possible because they have committed to a future with Ford, Honda is now evaluating options elsewhere.
It kept the door open on a 2026 entry by notifying the FIA last year that it was interested in producing a power unit for the new rules, even though it was not in a position to fully commit to the project.
Speaking at a pre-season press conference in Japan on Monday, Honda Racing Corporation president Koji Watanabe said that the company remained 'curious' about F1's direction, as dialogue had opened with teams about a potential deal.
"Formula 1 is greatly shifting towards electrification, and carbon neutrality is our corporate-wide target at Honda," he said.
"We think that F1's future direction is in line with our target, so that is why we have decided to register as the manufacturer of a power unit.
"We're curious about where F1 is going; F1 being the top racing category and how is that going to look with more electrification happening? We would like to keep a very close eye on that. And that is why we have decided to register as a PU manufacturer.
"After we made the registration, we have been contacted by multiple F1 teams. For the time being, we would like to keep a close eye on where F1 is going and just see how things go. For now, we don't have any concrete decisions on whether or not we will be going back to joining F1.
"But, from the perspective of technological development, we think that knowing that this is being part of F1 is going to help us with technological development. So that is where we are."
The most realistic options for Honda to remain in F1 are with McLaren and Williams, as both are non-manufacturer aligned teams that do not have close alliances with another squad like Haas does through its Ferrari relationship.
Speaking at the McLaren 2023 car launch last week, CEO Zak Brown said his squad was weighing up long-term engine plans but was not in a rush to decide.
"We have some time to decide what we want to do in 2026 and beyond," he said. "I think it's exciting for F1 that you have as many manufacturers coming into the sport. I think it shows the growth and excitement for the sport.
"It's something that Andrea [Stella, team principal] and I are in the process of slowly reviewing. We're not in a big rush and we are very happy with Mercedes. So we'll see how things play out in the next year or so before we need to make a decision."
As well as McLaren and Williams, there have been suggestions that Aston Martin could even be a potential option despite its links to the parent road car company.
Honda's need to look elsewhere has been prompted by Red Bull's call to work in alliance with Ford on the creation of a new power unit.
Asked why discussions about continuing with Red Bull from 2026 had been a failure, Watanabe replied: "It was not a failure. We never really saw that as any failure of any sort.
"As a technical partner, we're always in contact with Red Bull. So, there are many topics that we discuss and many that we have discussed.
"But out of this dialogue, it was decided that we will not continue this partnership beyond 2025. So, there's nothing that's fixed from 2026. It is as simple as that."
Honda badge back on the engine
After quitting Formula 1 at the end of the 2021 season, the Japanese manufacturer has steadily ramped up its involvement again on the back of subsequent success with Red Bull.
Its logo and name were added to the Red Bull and AlphaTauri cars from last year's Japanese Grand Prix, and for 2023 its badge will be back on the power unit itself.
Watanabe said: "As a symbol of continued partnership with Red Bull group, both team's machines will continue to carry Honda and the HRC logos, and it has been decided that the name Honda will be added to the PU manufacturer's name and power unit name.
"The PU manufacturer name will be changed to Honda RBPT. And the power unit name will be changed to Honda RBPT H001 for the 2023 season."
