Bernie Ecclestone will be responsible for deciding whether Pirelli retains its control tyre supply in Formula 1, or whether Michelin will replace it.
Both tyre firms have submitted tenders for the new contract, which comes into effect from the 2017 season, and are confirmed to comply with FIA regulations on a technical and safety level.
As such, the bids have been passed onto the commercial rights holder for further consultation and ultimately a decision on which company will become F1's sole tyre supplier. The move will still need to be ratified by the World Motor Sport Council.
Pirelli has already made it clear that it will adhere to the requests of the FIA and the commercial rights holder with regards to developing tyres aimed at improving the spectacle, whereas Michelin's bid is centred around low degradation, durable tyre constructions and larger rims.
Michelin withdrew from F1 at the end of the 2006 season after a control tyre supply was adopted. Pirelli took over from Bridgestone in 2011.