Pirelli has confirmed just two tyre manufacturers - itself and Michelin - have submitted a tender to become the control tyre supplier in Formula 1 beyond 2016.

The current contract, which Pirelli has held since 2011, is up for renewal from the 2017 season onwards, with the FIA putting out a tender to entice rival bids to go up against the Italian manufacturer.

Having previously signalled its desire to return to F1, Michelin's interest is little surprise, though this is the first time it has been formally confirmed, with Paul Hembery saying just 'two people tendered'.

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Significantly, Pirelli and Michelin have approached their tenders differently, with Hembery saying Pirelli wants to maintain its current approach of simply offering tyres largely stipulated by the governing bodies, whereas Michelin has signalled its desire to only come into F1 if it can do so on its own terms, namely the introduction of larger rims and low degradation rubber.

"Our bid is to follow the rules," he said. "We can only reply to the rules and we have said we will supply what they want. As I said, if they want to do 20, we will do 20 inch. If they want to do tyres that will last the whole race, we will do that. Tell us what you want and we will do it."

Indeed, Hembery is perplexed by Michelin's intention to secure the contract with its proposal of change given he believes Pirelli has simply done what has been asked of it, before adding the company will not get into a bidding war with the French firm.

"We follow the rules," he continued. "If an engine manufacturer came in and said, 'We propose a 2.5 litre or 5 litre V8' and then acted surprised when the sport says we actually have a 1.6 turbo. It is the same discussion isn't it?

"You go into discussions and I think you make your own decision as a business as to what aspects you feel or the value you can put on the sport and an involvement in Formula 1."

Michelin has indicated a desire to return to F1, albeit on its own terms of low degradation tyres and wheel sizes it feels are more relevant to a road car market, while it says it is also open to the idea of more than one firm offering tyres.

It last competed in the sport in 2006 when it opted out due to the move to a single control supplier.