Although the Spanish-based outfit has not made any official statement itself confirming the news, Karthikeyan told the India media and announced via his own Twitter feed that he will be racing in F1 again.
On his Twitter page, he wrote: "Back in F1 in 2011. Signed a deal to race for HRT. I've always maintained that my time in F1 was not over and now making good on that promise."
GLF1T is under the impression that HRT will make an announcement about one of its drivers on Friday morning.
After that campaign, he spent two seasons as a Williams test driver before switching to the A1GP series.
In 2009, he linked up with HRT team principal Colin Kolles to race for the German's Audi team in the Le Mans Series and 24 Hours - before spending last season in NASCAR's Truck Series and occasional appearances in Superleague, winning at Brands Hatch.
Speaking to The Times of India about his drive, Karthikeyan said: "It's been a while in the making, but I am delighted to be racing again in Formula 1 in 2011. I have always maintained that I have not given up on my desire to return to the top level of motorsport.
"I'm looking forward to racing for HRT and to working again with Dr Colin Kolles. We have a long standing and excellent working relationship together."
Karthikeyan's return to F1 coincides with the first Indian Grand Prix, which is scheduled to take place in October.
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