Formula 1 is facing an important week, Mercedes' Wolff believes

Mercedes team boss Toto Wolff says this is "an important week" for Formula 1 with the 2017 regulation deadline fast approaching

The original deadline of February 29 was pushed back to April 30, this Saturday, as lengthy talks took place regarding F1 power units and aerodynamic changes.

The aero regulations are understood to be close to being finalised, with the bodywork changes for more dramatic-looking cars approved last month.

But Wolff, whose team has won 35 of the 41 grands prix in the new 1.6-litre turbo era, has recently questioned the wisdom of the planned regulation changes at a time when the racing has been good.

With regards agreeing rules on the cost, performance, noise and supply of power units, it is believed F1 bosses are 95 per cent there, despite Red Bull boss Christian Horner's belief that the manufacturers have failed.

The Strategy Group and F1 Commission will meet on Tuesday in a bid to come to a final decision.

"We have an important week ahead for the sport, with our final Strategy Group meeting to define the regulations for 2017," said Wolff.

"After three grand prix weekends so far in 2016, we have seen that performance between the teams is converging to create great racing.

"Whether we have the reactivity as a group to recognise that and consider retaining a regulatory framework that is working well remains to be seen."

When asked for his thoughts on the engine regulation talks, Renault Sport F1 president Jerome Stoll raised questions about the demands being placed on the manufacturers.

"There is plenty of discussion," he said. "I know what [FIA president] Jean [Todt] wants to implement.

"I don't think it is so reasonable. I think we have to discuss.

"If there is one regulation which makes all the players unhappy, there is a problem. That is the reason for the discussion."