Japan will return to the America's Cup competition for the first time in 17 years when it vies for the prestigious sailing trophy in Bermuda in 2017.

A sailing source confirmed the news to The Japan Times. It was first reported by the industry website sailingscuttlebutt.com on Thursday.

According to the website, the Japan team will be sponsored by Softbank for the Kansai Yacht Club and is likely to receive support from current champion Oracle.

An announcement is expected sometime next week with Softbank chairman Masayoshi Son likely to attend.

Former Team New Zealand skipper Dean Barker is expected to be a part of the Japan team on the 48-foot (14.6-meter) catamaran, the website said.

Japan has previously participated in three America's Cups (1992, '95, 2000).

The America's Cup was first awarded in 1851. The event in Bermuda will mark the 35th installment of the sailing classic.

Oracle, representing the Golden Gate Yacht Club, scored a dramatic victory over challenger Emirates Team New Zealand in the 2013 America's Cup staged on San Francisco Bay. Oracle staged a phenomenal comeback, rallying from an 8-1 deficit to triumph with eight straight wins.