One of the biggest concerns about having an alternative cut-price engine for teams would be the difficulties in making sure that there was a fair performance balance between it and the current 1.6-litre turbo V6s.

Todt says the experience of the World Endurance Championship, where Toyota, Audi and Porsche all compete with different types of engines, shows what could be possible for F1.

"Of course we will make sure that it is a right balance of performance and we know that we can achieve that," explained Todt.

"In the WEC we have achieved that with a balance of performance.

"You have at the moment three manufacturers who are competing with three different engines – one with a turbo charged engine which is Toyota, one with a diesel engine which is Audi and the other one with hybrid 4-cylinder which is Porsche. So it can work."

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Being able to deliver such an engine – which Todt wants for $6 million – and ensure the competition is well balanced, has left Todt confident teams will eventually back the idea.

"At the moment it is a consultation, if they say we want it and we are happy then we will move along with this consultation," he said.

"We will propose it at the next Strategy Group meeting, and we are quite optimistic that it will be voted in favour, and then go to F1 Commission and then WMSC."

When asked about concerns Ferrari could veto the plan, like it did a cost-cap on engine prices, Todt said: "The veto is like you have a gun in the pocket.

"So you must be careful about the way you use it and exercise it. What is important is you make the right proposal and people will react.

"Again, the veto right which is in favour of Ferrari, which is an historic right, it has to be demonstrated that it is something that goes against their interest. Trying to suggest a customer engine for teams is not against their interest."

Todt did suggest, however, that the alternative engine plan could be dropped if manufacturers agreed to supply power units for around $12 million per season.

"If we cannot come to this solution [of a $12 million limit] we need to have another solution, because otherwise the risk is of teams going bankrupt."