Williams will unveil its new livery for the 2020 season on Friday, one week before the season-opening race in Austria.
Earlier this year, Williams launched the car before pre-season testing and ran with the original colours during the six-day Barcelona test.
However, the Grove-based squad has since split with its title sponsor ROKiT, who is rumoured to be in talks with Mercedes over a sponsorship deal.
Deputy team principal Claire Williams stated that a new livery would be unveiled following the loss of ROKiT, who joined the team as a title sponsor in 2019.
On Williams' website, photoshopped images of new driver suits have been added, consisting of light blue and white, without the ROKiT logo and the colour red that accompanied it.
At pre-season testing earlier this year, Williams showed signs of progression following a difficult 2019 campaign, where it amassed a single point over the 21 races.
Williams failed to keep up with its competitors and was stuck competing alone at the back of the field throughout the year.
Latifi, who came second in the FIA Formula 2 championship, will make his debut in F1 next weekend while Russell returns for a second season.
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