The FIA has canceled the tender associated with the introduction of standard gearbox cassettes for F1 from 2021 following a decision from the World Motor Sport Council.
In an bid to reduce costs in the future, the sport's governing body had invited earlier this year potential gearbox suppliers to tender for standard design set to be introduced in 2021.
Four companies effectively submitted bids for the component but the FIA's technical department has now issued a recommendation against F1 using a single supplier, a proposal that has been voted through by the WMSC.
"The Council's decision was based on consideration of both technical and financial information made available by teams and suppliers," the FIA's statement read.
"The technical data provided revealed that gearbox technology in Formula 1 has largely converged and that, as a result, there is little performance differentiation at present.
"It was also noted that, due to the complexity of the components, gearboxes remain a sensitive matter in terms of reliability, and this was factored into the evaluations of the FIA Technical Department."
Regarding future cost cutting measures, the WMSC has concluded that "similar financial savings could be made by means other than the specification of a single supplier".
The FIA says these identified "means" will be part of the 2021 regulations set to be unveiled by the end of June.
Additional tenders initiated by the FIA for standard wheel rims, brake system components and fuel system elements are currently ongoing. It is not known if they may also be under review by the FIA, but the word in the paddock is that some or maybe all will be scrapped!