Manufacturers close to a deal, says Faure

"When you see in which direction we are going as far as the rules are concerned and as far as the discussions with the owners of Formula One, I really think we can be more optimistic than we could have been six months or a year ago," he said at the launch of Renault's 2006 car on Tuesday.

"It's not impossible," added the Frenchman, when asked if there could be an agreement before the season-opener in Bahrain on March 12.

"We have moved forward in many directions. It seems that now everybody is conscious that a good compromise from all would be a good solution for the future of Formula One. We need to be more sensible than we probably were in the past, all of us."

Champions Renault are members of the Grand Prix Manufacturers' Association (GPMA) along with Mercedes, BMW, Toyota and Honda.

The five have been threatening their own series from 2008, when the existing commercial agreement expires, unless the teams get a far greater share of the revenues and the championship is run in a more transparent way.

Five teams, including Ferrari and Williams, have agreed an extension to the existing commercial agreement with the governing body and F1 supremo Bernie Ecclestone.