Formula One's freeze on engine development is set to be reduced from 10 years to five after teams agreed the move at a meeting in Paris on Friday
According to Autosport, the teams met to discuss various proposals, which included reducing the length of the engine development freeze as well as a possible budget cap.
All 11 teams agreed to shorten the current freeze on development while the possibility of a new engine concept was also discussed.
It is thought that the concept, which could be introduced in 2013, would result in a more cost-efficient engine than the current 2.4-litre V8 unit as well being more environmentally friendly.
Budget caps were also looked at, with one suggestion being that the cap should be set around the £80 million mark.
However, while Ferrari agreed that the costs of competing in F1 need to be reduced, the Scuderia were reportedly against the idea of a budget cap.
But despite the apparent lack of consensus, one F1 insider told Autosport: "It was a very positive and productive meeting."
