A new ruling document needs to be drawn up and agreed between all teams and the governing body for 2008 onwards, but an alliance of five manufacturers are holding out for a greater say in decision-making and more money.

They are threatening to launch a rival series in 2008 if their demands are not met but Mosley today sounded an optimistic note.

He said: “As far as 2008 is concerned there is a lot of progress being made.

“There are all sorts of discussions going on and it’s got to the situation now where I don’t really want to prejudice those discussions by talking too much about what’s going on in public because there has been a lot of movement.

“Therefore sometimes it’s better to let the thing reach its natural conclusion and not take a position which then makes it more difficult.”

Asked if talks have been positive, he replied: “From our point of view very much so. I don’t see difficulties in the future. I think it’s all going to end up quite peaceful.”

The Grand Prix Manufacturers’ Association of Mercedes, BMW, Renault, Honda and Toyota have demanded Mosley steps back from hands-on control of Formula One.

They also want a greater slice of the sport’s massive wealth from commercial rights holder Bernie Ecclestone, who is pushing on with his own vision of the future and has Ferrari and Red Bull onside already.

Jordan are likely to pitch in with him as well, while Williams are undecided.