The foundations for the future of Formula 1 will be set in stone this week as officials from the FIA and FOM meet in Paris to discuss the regulations for the 2021 season and beyond.

The FIA and FOM have worked together on the new engine regulations, with the likes of Aston Martin and Porsche waiting to see if the new rules will tempt them to join Formula 1 as power unit suppliers.

It has been mooted that V6 turbos with two electric motors (MGU-H and MGU-K) will be used as the new power units and that there will be many standardised parts to try and keep the costs under control for everyone.

It is also believed that the Strategy Group and the Formula 1 commission will be abolished, while Ross Brawn has his own team of engineers who are independent from all the teams to assess technical rules and regulations.

As for the budget cap, it is being reported that it could be introduced in time for 2019 and that costs will be reduced on a gradual basis in order to help teams adapt to the new set-up. That particular issue is set to be the main focus of attention on November 7 at the next Strategy Group meeting.

There will be two meetings this week where the next vision for Formula 1 will be presented following an extensive investigation by specialists employed by FOM.