According to Motociclismo, Aspar wants Bautista but Bautista has said he's not moving up without the winning the 250cc title, and since he's 40p down on Simoncelli I think it means he will stay another year in 250cc, so yeah in that case the Elias option makes a lot of sense.
The main sponsor will be Telefonica (11888 is the info number of Telefonica). So it's likely it will be painted yellow.
Aspar asked Suzuki but they where not keen on a third bike (though it seems Suzuki changed opinion several times). He also asked Yamaha who said they could not build a 5th bike and Ducati, Ducati was willing to make a 5th bike (satellite) but Aprilia was not happy about it, and since they provide all bikes for Aspar's 125cc and 250cc teams Aspar didn't want to deteriorate his relationship with Aprilia.
Aspar's team will be adjacent to the works Kawa box since the bike will be maintained by works Kawa personnel.