F1's governing body and leading car makers have struck a deal to end a long battle over the sport's future.
FIA boss Mosley wants F1 to be greener and more 'road relevant'
The manufacturers had previously threatened to form a breakaway series to rival the F1 championship.
But International Automobile Federation (FIA) president Max Mosley and BMW's Burkhard Goeschel said agreement had been reached on all outstanding issues.
A new agreement will be drawn up and signed in the near future to govern the sport for at least the next five years.
F1's commercial supremo Bernie Ecclestone signed an agreement with the five-strong GPMA group - Renault, DaimlerChrysler, BMW, Honda and Toyota - last May.
The FIA's role has always been to protect the independent teams and we will continue to do that
That deal, concerning the financial side of the sport, effectively killed off any lingering threat of a rival series mooted as manufacturers pressed for a greater share of the F1's revenues.
However, technical details and issues of governance, control of the regulatory process, had still to be agreed with the FIA.
The existing 'Concorde Agreement' that governs the sport expires at the end of 2007 but all teams have committed for a further five years.
The Financial Times said both Mosley and Goeschel described the deal as "a major breakthrough, a fundamental change in the way we go about managing the rules".
All of the 11 current teams, due to expand to 12 in 2008, are currently either owned by a manufacturer or linked to one through an engine supply contract.
The FT said that in the future, discussions about F1's rules would take place with manufacturers at main board level.
However, an FIA spokesman said the independent teams, such as Williams, would not lose out in the decision-making process.
"The FIA's role has always been to protect the independent teams and we will continue to do that," he said.