Dr Helmut Marko will fly to Japan next week to discuss Red Bull's future with Honda.
Officially, the Japanese manufacturer is pulling out of Formula 1 completely at the end of next year.
Red Bull had floated the idea of taking over Honda's engine IP and operations for 2022, but rivals Ferrari and Renault ruled out agreeing to an engine development 'freeze'.
However, Red Bull official Marko's discussions with Honda continued, triggering new speculation that the Japanese marque may in fact continue to support the energy drink company's F1 program post-2021.
"Nothing is official yet," Marko told Kronen Zeitung, "but there are talks and it looks like a compromise can be reached.
"There is movement, there is nothing negative - the glass is half full or half empty but there is a tendency towards the good. That is what I assume," he added.
Marko said his Honda talks in Tokyo next week will also discuss Yuki Tsunoda's future and Red Bull's involvement in Japanese Super Formula and GT racing, "but of course Formula 1 has absolute priority".