Graham Rahal is preparing to take a £1m gamble to become a true all-American hero in Formula One.

The 17-year-old, son of former Indianapolis 500 winner and Jaguar Formula One boss Bobby, is forging a strong reputation in junior racing before a move to Europe next year.

Rahal is even willing to turn down a £1million prize, for winning the Champ Car Atlantic series, to pursue his dream.

"I have to in order to get to Formula One because going to Champ Car is not really much of a step forward towards Formula One," he said. Next year he expects to join the GP2 series, which helped Scott Speed become the first American in Formula One since Michael Andretti in 1993.

Rahal claims Speed's presence in Formula One has barely registered among Americans - but expects to make a bigger splash himself, partly due to his legendary father.

"The whole problem with Scott is he isn't well known over here," he added. "There's only awareness among people who really follow Formula One. If you step away from that die-hard group, the others wouldn't know about him.

"The kids that are most known here are Marco Andretti or myself who have the name from the past."

Bobby Rahal is a household name in the United States due to his success in Indy car racing but he also has contacts in Formula One from his brief driving stint and a spell in charge of Jaguar.

The 53-year-old intends to put his contacts book to good use later this year in a bid to give his son a head start on a Formula One career.

"I haven't done too much at this stage," he said. "We are probably going to do a trip later in the summer to see a few people, Bernie Ecclestone, Flavio Briatore, Norbert Haug, that crowd. It's not what you know but who you know."

If he can keep up the winning habit in Europe, Rahal junior will become a familiar face to the paddock power brokers in Formula One, with GP2 races running alongside European grands prix.

He has no doubt his trans-Atlantic move is the right one, saying: "I am heading to GP2 because you have to make them aware of who you are.

"Right now I don't think you can get to Formula One from the States. You have to go to GP2 that's the way forward.

"It is the only way, the main way to get to Formula One. It seems to be the right path to take."