Renault Sport F1 managing director Cyril Abiteboul says Formula 1's engine token system is set to be dropped ahead of the 2017 season.

The FIA has originally planned to introduce an 'engine freeze' with the turn of the new regulations, the limitation of modifications intended to prevent the manufacturers engaging in a development race that could lead to spiralling costs and deter new entrants.

However, the scale of Mercedes' dominance in 2014 would see a compromise reached in the form of 'tokens', of which each manufacturer (except newcomers Honda) would be allowed 32 tokens to spend on development, with different areas of the engine having different values.

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Retained for 2016, the plan was to steadily reduce the format over the coming years, but Abiteboul, speaking at the launch of Renault's renewed F1 bid, says this will be phased out altogether come 2017.

However, following an agreement with the FIA to reduce the cost of the power units, in return it will get more freedom in developing engines, which Abiteboul hopes will allow Renault to regain ground on Ferrari and Mercedes.

"The token system is being removed," he is quoted by Motorsport.com. "One of the reasons we have all agreed to do this is that we all need the performance of the engine to converge. An F1 that is dictated by the performance of the engine is not good for anyone.

"You see it is not good for Mercedes, it is not good for Renault, Ferrari - we all have interest to change that. We have decided, also for the public, to stop the public being confused between the penalty system, the token system - we have decided to simply remove the token system."