There is growing belief that the nine remaining teams that comprise FOTA have reached an agreement that will see them submit their entries for the 2010 World Championship, thereby bringing the budget cap row to an end.

It is thought that the teams have agreed a deal which would see a 45m euro budget cap introduced in 2011, while next season the teams would have to get by on around 100m euros.

FOTA has yet to issue an official statement, and these proposals have yet to be accepted by the FIA, however, it is a step in the right direction - away from the brink.

It is thought that the nine remaining teams will submit their entries for the 2010 championship tomorrow (Friday), thereby meeting the FIA's deadline. That said, there are sure to be certain conditions attached, most notably in respect of the FIA's governance of the sport.

While this might be seen as a welcome move by some, it is unlikely to prove popular with those new teams hoping to enter the sport next season, even though there is widespread scepticism as to the authenticity of some of the potential entries.

While USGPE has confirmed it entry, it is thought that David Richards' Prodrive will also be looking at securing one of the three vacant slots on the 2010 grid.