The American team is going to enter Formula 1 with the help of General GM.
If their bid is successful, GM will represent its luxury Cadillac brand.
"We are well suited to be a new team for F1 and can bring value to the series," said MichaelAndretti.
He said he wanted to compete as soon as possible.
He said he wanted an American driver.
This year, Herta missed out on a seat with Red Bull's Alpha Tauri team because he didn't have enough licence points to qualify, but he's still a contender for that seat.
Mark Reuss, chairman of Cadillac, said: "We have a long, rich history in motorsports and engineering innovation, and we are thrilled with the prospect of teaming up with an American F1 team that will help spur even more global interest in the series."
Both Cadillac and F1 are popular. We would be proud to bring our American innovation and design to F1.
Michael's father Mario won the 1978 F1 world title and Michael was an F1 driver. They are two of the most successful American racing drivers of all time.
One of the world's largest car makers is General Motor.
There is no chance of the team entering before the end of the decade.
The president of F1's governing body said he was going to launch a formal process for expressions of interest for new teams.
"I welcome the news of the Cadillac and Andretti partnership and the FIA looks forward to further discussions on the F1 World Championship expressions of interest process," said Ben.
The new entry would have to be approved by the commercial rights holders.
A number of conversations are not as visible as others, but there is great interest in the project.
The championship needs to remain credible and stable and any new entrant request will be assessed on criteria to meet those objectives.
Both F1 and the FIA must sign off on any new entrant request.
Michael Andretti tried to get into F1 once before, but failed in his attempt to buy the team.
F1's contracts with the teams dictate that any new entrant has to pay a $200m fee to be split between the existing teams.
The teams split the prize money pot on the basis of their current and historic success.
Alpine and McLaren are the only teams that are positive about the possibility of an involvement by a famous person. Some questioned if they would be a benefit to the championship.
GM's involvement is likely to affect the outcome of the race.
There was no information in the announcement about the team's plans for an engine.
The team will be based in Indiana but have a European base.
F1 is introducing a new engine formula that will retain the use of hybrid engines but increase the amount of power produced by the electrical part of the engine.
Following the purchase of the Alfa Romeo/Sauber team by AUDI, there will be a new competitor in the years to come.
A new engine is being created for the new formula, but the team is already in the process of being taken over by a former McLaren team principal, who is charged with ensuring they are in as competitive a shape as possible.
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