Hedge, 19, leads the FR Americas standings by 55 points with nine wins from the 12 races to have taken place so far this season, with only two rounds remaining at Virginia International Raceway and the Circuit of the Americas.
The New Zealander could wrap up the title next week at Virginia if he extends his lead over nearest rival Ryan Shehan by 20 points.
Assuming he goes on to clinch the championship, Hedge would earn the $600,000 bonus to be put towards a Super Formula seat in 2024, following in the footsteps of last year's champion Raoul Hyman.
However, while Hyman was clear from the outset that winning the HPD scholarship was his main reason for competing in FR Americas, Hedge could have multiple options for his 2024 plans.
That's because he has also earned a place in the Porsche Junior Shootout on the strength of his results in Porsche Carrera Cup Asia, which he is combining with his FR Americas campaign. The winner of that contest earns a paid seat in the global Porsche Supercup series.
A representative from Hedge's management said in a statement supplied to Motorsport.com: “Callum is very fortunate to be leading the Formula Regional Americas championship after Round 4.
"With still two rounds to go, the ultimate focus is to have two solid rounds, and wrap up the championship. Then we’ll start considering what the next step is.
"The main reason Callum decided to come over from New Zealand to America to compete in Formula Regional is because it is a great series, and the scholarship prize of a drive in Super Formula is exceptional - the super license points are an added bonus as well.”
Hedge's success in FR Americas follows a campaign in Formula Regional Oceania (formerly Toyota Racing Series), where he finished as series runner-up to Charlie Wurz, the son of ex-Formula 1 racer Alex Wurz.
But, should he go to win the title, the HPD scholarship prize is unlikely to cover the entire budget to land a Super Formula seat, with the market rate understood to be around 200 million yen (just under $1.4m).
The New Zealander will also have to make a fairly swift decision about whether to take up the prize, as the post-season Super Formula rookie test is set to take place at Suzuka on December 6-8.
Most teams are likely to want to have their regular drivers in place for the test owing to the looming switch to common dampers.
Last year's FR Americas champion Hyman landed a Super Formula seat with B-Max Racing, but has struggled throughout the 2023 season amid myriad technical problems.
It's unclear whether Hedge would be placed with B-Max in the event he wins and takes up the scholarship, or whether he would be offered an alternative berth in the 11-car Honda roster.
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