The British newspaper The Times is claiming that WilliamsF1 is close to doing a deal with Bernie Ecclestone which would see the Grove based outfit join Ferrari, Jordan and the two Red Bull teams in the Formula One World Championship in 2008.

According to The Times, although WilliamsF1 was mentioned in last week's statement issued by the Grand Prix Manufacturers' Association (GPMA), team boss, Frank Williams, was not a signatory. The newspaper claims that Williams would 'settle' for around half the signing on fee given to Ferrari, thought to be £60m. The Italian team, previously the driving force behind the threatened breakaway series, sensationally did an about-turn earlier this year, signing a secret deal with Ecclestone.

If the Williams story is true, this would be damaging to the other F1 teams that are sticking with the manufacturers, though sceptics have always said that the issue is simply about establishing the amount of cash the 'rebel' teams would settle for.

Then again, with no official engine partner for 2006, WilliamsF1, more than the other teams which are either owned, or part owned, by manufacturers, needs the money.

Talking to The Times, Ecclestone said: "They know what is on the table and they know I mean it. If you sell something at Harrods, it doesn't mean you want to own the store with all the risks and overheads. That is what these people in the GPMA want, but the Formula One brand has been running for more than 50 years and we have been running things very well for 30 years, taking the risks and giving them plenty of money. It is up to them to decide if they can do a better job and take that risk."

It's believed that Ecclestone has offered the 'rebel' teams as much as 50-per cent more cash than they currently receive, plus an up front 'sweetener', if they sign up. However, the manufacturers and teams insist that it is not only money that is the issue, they are also seeking greater transparency in the governance of the sport.

In a curious aside, the report also suggests that Ecclestone could also "steer Coca-Cola in the direction of Williams", suggesting a possible sponsorship deal. However, the American soft drink has successfully done without F1 up until now, and should it opt to enter F1 surely it would be looking at a team a little further up the pitlane.