"It is thought the framework of the agreement is in place and a formal announcement pending," said Sportspro journalist David Cushnan on Monday.
The news follows Lotus' recent signing of a sponsor deal with Burn, the European energy drink label of the American beverage giant Coca-Cola.
After a five year absence, the United States returned to the F1 calendar this year with a highly successful race on a bespoke circuit in Austin, Texas.
Citing 'informed insiders', Cushnan said the Honeywell deal could be worth $30 million per year to Lotus.
The Enstone based team's driver Kimi Raikkonen finished the 2012 world championship in third place behind Sebastian Vettel and Fernando Alonso.