As exclusively reported by Pitpass in April, F1 looks set to switch to turbocharged four-cylinder engines in 2013.

However, while Pitpass' sources claimed that the new formula would see teams using 1.5 litre powerplants, the BBC claims that the engines will be 1.6 litre.

According to the BBC, the move is aimed at reflecting the global 'green' trend towards fuel-efficiency in road cars, a move that would be seen as the so-called pinnacle of motorsport giving official credence to such engines.

While Ferrari, along with Mercedes, was against the move, claiming it was an unnecessary cost, the Italian manufacturer is reported to have told the BBC that the move has been agreed and that the FIA will announce it officially at the end of next week. "An agreement is there, and when there is an agreement you work accordingly," a spokesperson is quoted as saying.

While it is hoped that the efficiency of the engines will improve by as much as 50 percent, it is hoped that the powerplants will continue to put out the same amount of pawer, currently around 750 bhp. However, 600 bhp of this will continue to come directly from the engine while the other 150 bhp will come from energy storage and power-boost systems such as KERS.

In terms of spectacle, fans will be disappointed to hear that it is thought the new wave of powerplants will rev to only 10,000 rpm compared to the current 18,000 rpm.

A number of measures will be introduced to ensure that costs are kept down and that the performance of all engines is comparable - a move that some fans might see as a further step towards standard customer powerplants.

The proposal will go before the F1 Commission on Thursday before being officially rubber-stamped by the World Motor sport Council the following day.