Applicants have until Friday 3rd January 2014 to register a formal expression of interest.
There has not been a new team in the sport since the start of 2010, when Lotus Racing, Virgin and Hispania joined the grid.
Lotus Racing and Virgin morphed into Caterham and Marussia respectively, while Hispania tweaked its name to HRT and dropped out of the sport at the end of 2012.
'The FIA has decided to open a new selection process to identify a candidate team to participate at a competitive level in the FIA Formula One World Championship from the start of the 2015 or the 2016 season up to 2020 inclusive,' read a statement released by the sport's governing body on Wednesday.
'The overall long-term interests of the Championship will determine which candidates are selected.'
The demise of HRT means that there are 11 teams in the sport, with the regulations permitting a maximum of 13 teams.
'The precise terms of this selection process, together with the applicable selection criteria, deadlines, legal requirements and other conditions, will be communicated to candidates who have registered a formal expression of interest with the FIA’s Secretariat before 5pm CET Friday 3 January 2014,' continued the statement.
The FIA added that all applicants will undergo thorough diligence, including the technical ability of the team, their resources, the ability of the team to raise and maintain funding as well as the value the team will bring to the world championship.
Full applications will be submitted by mid-February, with a decision made by the end of the same month.