Formula One's teams and governing body the International Automobile Federation (FIA) have agreed key cost-cutting measures for the next two seasons.
The packages come after Japanese manufacturer Honda pulled out of F1.
The Formula One Teams Association (Fota) said as well as a package for 2010, an agreement for a cost-cutting plan for 2009 had also been reached.
The details will be released on Friday after it has been approved by the FIA's World Motor Sport Council.
"Agreement was reached on measures to meet all the objectives originally put forward by the FIA for 2010 and thereafter," said the FIA in a statement.
"The solution became apparent, and everyone just said 'Let's do it'""In addition to which Fota have now made proposals for very significant cost saving in 2009, while maintaining Formula One at the pinnacle of motor sport and reinforcing its appeal."
Ferrari and Fota president Luca di Montezemolo praised the agreement saying: "The proposals will enable us to drastically cut costs as of the upcoming season to have a complete new Formula One in the year 2012."
But he warned further talks would be scheduled to address the division of the sport's revenues.
"There is still much left to do because when we have a look at the economic side of the companies and not only the ones of the F1 teams, we have to consider the costs but also the earnings.
"In this sense we managed to agree with the FIA on the necessity to organize a meeting with FOM (Formula One Management) to discuss the earnings of the teams."
Williams chief executive Adam Parr, who was representing the independent team for Fota, added: "It was quite a staggering meeting.
"Going in, there was a certain anticipation we would have a massive disagreement.
"But then the solution became apparent, and everyone just said 'Let's do it'."
FIA president Max Mosley had wanted the teams to use a standard engine and gearbox from 2010 to help cut their costs by up to 80%.
606: DEBATEWhile Fota is committed to dramatically cutting the operating costs of the teams, it was opposed to the idea of standard engines.
Mosley's plan was for one manufacturer, Cosworth, to provide a standard engine. Teams could either buy that engine, build their own copy of it, or use their current engines, restricted to ensure no performance benefit.
A complete "powertrain" - with an engine supplied by Cosworth and gearbox from Xtrac and Ricardo - would cost the teams an initial up-front payment of £1.68m.
That would be followed by a fee of £5.4m per season over the three years of the agreement, running from 2010 through to 2012.
Such a figure is around 10% of what teams have spent on engines in recent years.
Vijay Mallya, the boss of the Force India team, said he supported Mosley's proposal "totally".
"What we need to do is basically cut the chord to suit the cloth," he added. "That's why I welcome Max Mosley's initiative to ensure the costs are brought down considerably."
Ferrari and Toyota have previously threatened to quit the sport if a standard engine was to be introduced.
Yet all the teams are committed to dramatically reducing their operating costs, particularly in the light of Honda's pull-out.
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