 Honda pulled out of Formula One last week because of costs
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A raft of cost-cutting measures that could dramatically change Formula One are set to be unveiled in Monte Carlo.
The World Motor Sport Council is meeting to discuss proposals agreed by the teams and motorsport's world governing body, the FIA.
"The basic idea is that you get the costs right down," FIA president Max Mosley told BBC Radio 5 Live.
"Currently a manufacturer can spend anything up to 200m Euros a year on its engines. That is unsustainable."
Mosley wants teams to reduce their expenditure by as much as 80% and had proposed that all teams use a "one size fits all" Cosworth engine.
That is highly unlikely, but a compromise seems to have been reached, perhaps with some teams taking the standard engine, while others will "badge" their own engines to the same specifications.
Toyota president John Howlett told BBC Sport: "We have no intention of utilising a standard engine.
"We can offer the same engine at extremely competitive costs with smart usage of the engine during the race weekend.
"The customer teams have an outstanding package and the fans will still see great engines and a degree of challenge between the engine."
Another significant cost-cutting measure is likely to be greatly-reduced testing.
Both the teams, who formed the umbrella organisation the Formula One Teams Association (Fota) in July, and FIA hailed their meeting in Monte Carlo on Wednesday as a huge success.
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Ferrari president Luca di Montezemolo, who heads Fota, said: "The answer we found was beyond all our expectations", while Williams chief executive Adam Parr declared the talks "staggering".
The teams have also been pushing for a greater share of revenue from Formula One Management, which owns the commercial rights of the sport.
Di Montezemolo said: "We have to consider the costs but also the earnings.
"In the sense we managed to agree with the FIA on the necessity to organise a meeting with FOM to discuss the earnings of the F1 teams."
The problems facing the sport were highlighted by the withdrawal of Honda from F1 last week.
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