A new commercial agreement to secure the stability of Formula One until at least 2012 should be ready for signing by the end of next week, the sport's governing body said today.

The International Automobile Federation (FIA) said in a statement that negotiations had been completed between them, all 13 of the teams due to compete next season and the commercial rights holders.

"The members of the (FIA's) World Motor Sport Council have been sent a copy of the proposed new Concorde Agreement for their consideration," it added.

"Subject to the approval of the WMSC and on receipt of confirmation that a satisfactory cost-reduction agreement is in place, the new Concorde Agreement should be ready for signature at the end of next week."

Ferrari team boss Stefano Domenicali told a news conference at the Hungarian Grand Prix that all parties were close to agreement.

"I think that we are progressing, we are very close to reaching the solution," he said. "As always with such a complexity, the more you get close to the goal the more everyone is trying to squeeze or to find different things around it.

"But I am optimistic that before the August break everything will be sorted out."

The eight-member Formula One Teams Association (FOTA) have threatened to set up their own series but a new agreement would bind them to the existing championship for at least the next three years.