Formula 1 poised to reveal final 2021 rules to teams this month

After months of discussions to move plans for a closer and more exciting F1 from 2021 forward, Todt said ahead of the Australian Grand Prix that full proposals will be presented to teams at the meeting on March 26.

All the elements of the package - including new car regulations, engine rules, cost cap concept and regulatory ideas - will be put forward for discussion and could then be voted on.

"We will have a Strategy Group meeting on March 26 in London and we will have also the F1 Commission on the same day," said Todt.

"We should be ready with the global package, and the global package is on one side, the commercial side, which is the responsibility of F1, and we have the cost control which is a new initiative and quite well advanced.

"We have the engine regulations, which have been sent to the teams a few day ago, and we have the chassis regulations, and we have the governance [plans].

"They are all different chapters that we are working on and we should be in a position to have the final package to discuss with the teams on March 26."

Although the Strategy Group is formally made up of only six teams - Mercedes, Ferrari, McLaren, Williams, Red Bull and Renault - other outfits are invited to attend as witnesses.

Should the rules be approved by those with voting rights in the Strategy Group, they will then be put forward to the F1 Commission, on which all teams take part.

Although unanimous support for changes is not necessary at this stage, the FIA and F1 owner Liberty Media have been clear that they would prefer to have the backing from all teams to ensure the 2021 regulations are framed correctly.

F1 CEO Chase Carey was sceptical that all teams would be happy with every element, but he hoped enough consensus could be found.

"We have made good headway," he said. "There is a general direction we are going with everything, and then there are the details, and there are 10 different views on the details."