The outline of F1's new technical direction for 2013 and beyond has been essentially decided.
According to Autosprint's Italian-language auto.it, the sport's cars of the future will feature so-called 'ground effect' aerodynamics and be powered by 1.6 litre, four-cylinder turbocharged engines.
The report said the package has been agreed by the majority of the teams.
A working group, featuring a group of engineers from F1 teams, has been in charge of defining the basic outline of the 2013 regulations, Autosprint said.
The four-cylinder turbo engines will reportedly produce 650 horsepower, with drivers to be limited to using just five separate units per season.
Ground-effect aerodynamics, meanwhile, could improve overtaking by having the majority of the downforce generated underneath the car, rather than by the wings and top bodywork which greatly disturb the airflow onto following cars.
The technology was pioneered in F1 in the late 70s, but banned shortly afterwards because, while producing immense cornering grip, ground effects made the cars unstable at high speed and relied on 'sliding skirts' that often broke.
Renault Owner Says F1 'More Expensive Than Expected'
Formula One costs more than expected, according to Renault's new majority team owner Gerard Lopez.
He heads the Luxembourg-based investment firm Genii Capital, who, amid the crashgate scandal and car sales crisis last year, bought most of the Enstone-based team from carmaker Renault SA.
But while the team has performed better than expected with its new structure in 2010, it emerged recently that Renault F1 had applied to Bernie Ecclestone for an advance of its commercial revenue due to cash flow issues.
"From a commercial point of view, things are going well," Lopez is quoted as saying in the Italian language Autosprint.
"We are in line with our plans. But it (F1) costs more than we expected. Formula One costs much more than we thought," he said.
"We knew that our car was not born with as much speed as we wanted, and we had to inject resources to make it competitive," Lopez is quoted by auto.it.
"And then there's the development aspect, which is higher than expected, meaning additional costs.
"But regarding 2011, we are still looking forward with much enthusiasm," he said.