It is part of the team's long-term plan to secure their future, in particular in the wake of losing a number of key sponsors ahead of this season.
Chairman Adam Parr, however, maintains such a scheme is not on the horizon simply to raise equity or funds.
In a statement team principal Sir Frank Williams said: "For some years I have been considering how to secure the long-term ownership of Williams such that it will remain true to the aims with which Patrick (Head) and I established the team back in 1977.
"My goal then was to race in Formula One as an independent constructor.
"This was, and is, my great passion, and I will race for as long as I continue to be blessed with good health.
"It is also my desire that the team is in good shape to go on racing long after I am gone.
"To that end it is prudent and necessary to plan for an ownership structure that will enable Williams to be an independent constructor, owned and staffed by people committed to Formula One, and to the sound business practices that have supported us over three business decades.
"I concluded the option that will best achieve this is to broaden our shareholder base with public shareholders, while having a stable core of long-term investors closely involved in the running of the team.
"This will ensure stability, good governance, and will, I believe, enable us to attract and retain the best people and partners.
"We are therefore examining this option closely, and if the environment is propitious, we may act in the near future.
"Regardless of whatever steps we take, I shall remain the majority and controlling shareholder, and the team principal of Williams."
In a conference call Parr insisted there was no timetable or plans at this stage, with the team deciding on announcing the possibility of a flotation rather than anything concrete, to avoid speculation.
Insisting Williams has a firm hand on the tiller, Parr said: "Is Frank considering retirement? Absolutely not. It is not anywhere near his agenda. Anybody who knows Frank at all will know that.
"Besides that, Frank has always admired Bernie (Ecclestone) and thinks if Bernie's working life proves to be longer than his then he will have failed, so he has many, many years to come yet.
"He is in very, very good health. I've known him for 10 years and I am finding him very strong and as sharp as ever."
Confirming the team had explored other avenues, Parr added: "We have looked at other options and we've been approached in the past.
"It's quite well known a major car manufacturer offered to buy us in the past, and the odd oligarch and so forth.
"But we really feel this is the best option for the team and all that work here.
"It's important to state that as a company we are not seeking to raise funds.
"This would not, if it goes ahead, involve any new equity or fund-raising for the company. The company is in good financial health.
"We've always run the company on sound financial principles. We've never had the luxury of a shareholder wanting to pump money in, so therefore we've had to run within our means.
"In 2008, 2009 and 2010 we recorded a profit, and I'm pleased to say our budget for 2011 is fully contracted.
"Like other teams we've had to cut our costs, we've had to trim a few people, but we'll have something like 470 people in Williams F1 in 2011.
"So we believe we've a sound basis on which to proceed with this."