GP2 open to becoming the FIA's new Formula 2 series

FIA Single Seater Commission president Stefano Domenicali said earlier this month that he plans to have a concept in place for the new series within the next two months.

With details of the form the F2 series will take still up for discussion, Michel said that whether or not GP2 joins the tender process depends on what the FIA is looking for.

"Depending on the details of the tender, we might look at it and could be interested," Michel told AUTOSPORT.

"It could make sense and we need to see exactly what would be the tender regulations and the way it would work but it's definitely something we would look at.

"If our objectives go together, there is no reason not to do it but at the moment, we don't know."

Michel stressed that one of the key factors would be whether the FIA's plans align with GP2's desire to keep costs under control.

GP2 has worked to reduce costs in recent years, and Michel believes that, with hybrid engines mirroring F1 having been raised as a possibility for F2, this would make it too expensive.

"Everything is possible, as long as it cost-effective," he said.

"You can talk about hybrid engines, you can talk about free engines, you can talk about several chassis.

"But at the end of the day there is a market and it's not a market that can allow drivers to bring budgets of millions and millions.

"We don't want to have to impose regulations that would cost a fortune to the teams, that's one of our objectives and we are clear on that."

COMPETITION NOT A CONCERN

Michel added that he does not fear GP2 competing against the new F2 if it has to, as it did with the Jonathan Palmer-run FIA series that existed from 2009-2012.

"It happened in the past and I don't think that was really a problem," he said when asked about fears about a rivalry with FIA F2.

"Of course, there is no room for 10 series trying to get to F1 and I think we have proven what we are doing is right.

"If you have another series, maybe it will make life more difficult, but the important thing is to see who survives - so far, we haven't been the dinosaurs."

GP2 is scheduled to introduce a new car and engine package in 2017, which could potentially tie in with the launch of the FIA F2 initiative.