'Force 1' has emerged as the frontrunning candidate as Force India prepare to change their name for 2018.
"The feeling is that with our improved performance, we are able to attract more international sponsors," Mallya said. "[The name] Force India could be restrictive."
Now, Germany's Auto Motor und Sport says that the leading candidate is 'Force 1'.
The media report said: "With BWT, the team finally has a main sponsor, pushing the budget over the €100m (£88.6m) mark for the first time and making it attractive for other sponsors."
Sporting boss Otmar Szafnauer confirmed: "At the end of the season, we will make the request to change the name.
"The word 'Force' should remain in the name so people always remember where we came from."
Based in Silverstone, Force India is currently owned by Indians Subrata Roy, who is in jail, and the scandal-gripped former Indian billionaire Mallya.
There are rumours that the team will be sold.
Szafnauer said: "I had been with the company for a week before the first rumours of a sale came up. Nothing has changed."
Force India are currently fourth in the team rankings.