Former FIA president Max Mosley is proposing the introduction of an optional cost cap in Formula 1, which would then subsequently open up the regulations for those that choose it.

The idea of a cost cap has been a mainstay argument of Formula 1 for several years, with the many parties struggling to agree on the terms that would appease larger teams with more substantial budgets and the smaller privateer outfits. The most recent proposal of its kind was canned last year.

With a crunch meeting looming to determine the direction of rules and regulations in the coming seasons, there are concerns that the mooted move to 1000bhp engines to improve the spectacle will have the adverse effect of further inflating costs that rose with the introduction of the current V6 Hybrid power units only last year.

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As such, Mosley, in an interview with Auto Motor und Sport has proposed a selective cost cap for teams that wish to partake in it. In return, the teams will be granted relative freedom in designing cars in an effort to make up for the monetary restrictions, a move that he believes would subsequently open the door for more technological innovations.

"I can imagine that very soon all the teams would be in the camp of the budget cap," he said. "Then they will realise that you also offer 100 million great motorsport and can build technically advanced cars."

The issue of cutting costs in F1 has persisted over the years, though the collapse of Caterham and - briefly - Marussia at the end of the 2014 season, plus the continuously perilous positions of Sauber, Lotus and Force India have given rise to greater concerns about the sport's future direction.

F1's latest Strategy Group meeting will be held next month.