Formula 1 will present its 2021 engine regulations on October 31, according to Germany's Auto Motor und Sport.
F1 sporting manager Ross Brawn has been working full speed this year to define the future of Grand Prix racing.
Brawn put together a group of specialists, which includes engineers and former team personnel, to help create the framework for the sport's 2021 regulation platform.
The former Ferrari strategist and team owner has spent the past months collecting feedback from Strategy Group meetings and from informal talks with all participants of the sport with the emphasis on defining a cost-effective - and louder sounding - power unit platform for F1 and regulations which limit costs.
Formula 1, which has ruled out a return to a straight-forward V8 or V10 engine configuration, will likely retain its current V6 turbo hybrid architecture but with perhaps a less sophisticated hybrid ingredient and the inclusion of standardized parts.
The purpose of the future platform would also be to entice independent engine manufacturers to join the sport as potential suppliers.
Several manufacturers such as Porsche and Aston Martin claim to be open to an involvement in F1, but only if the cost of producing the sport's engine is affordable.
In addition to the speculated October 31 announcement, Auto Motor und Sport says that a budget cap first draft could be revealed on November 7.
The cost cutting plan could be introduced as soon as 2019, and implemented gradually in order to allow teams to adapt to the new measures.