Formula One's owners will present their vision for the sport's future at a meeting with teams in Bahrain on Friday.
F1 is yet to settle on the next set of engine and aerodynamic regulations, with the current power units set to remain until 2020. That is also when the existing Concorde Agreement -- a term used for the commercial deals binding the teams and F1 -- comes to an end, meaning issues such as the distribution of the sport's revenues are also up for discussion.
F1 technical chief Ross Brawn will lead the presentation, which is expected to offer the teams the clearest vision yet for F1 in 2021. Since being installed in his role last year, Brawn has assembled a team to research overtaking and he has made little secret of his desire to find a set of rules that allows closer racing and more teams to fight for wins and podiums.
It is expected the proposal to the teams will include a new structure for prize money and a cost cap on spending throughout a season.
The most obvious question looming over this presentation will be how it is received by Ferrari, the sport's longest-serving and most popular team. Last year the Italian outfit threatened to quit the championship after seeing the initial blueprint for the next set of engine rules, which championed a cheaper, less complicated version of the exiting V6 turbo hybrids. Ferrari president Sergio Marchionne has not backtracked on that bold declaration in the time since.
Marchionne has also accused Brawn -- the man who helped orchestrate Ferrari's period of dominance at the start of the 2000s as technical director -- of taking F1 in "a direction that is not in the DNA of the sport". Brawn responded to this by saying he found the suggestion he is trying to dumb down the series as "personally offensive".
Mercedes is also apprehensive about the direction Brawn wants to take the sport and has warned F1's owners to take Ferrari's threat seriously. Red Bull boss Christian Horner has said F1 should issue an ultimatum to teams like Ferrari and present a take-it-or-leave-it set of proposals for all.