Lewis Hamilton has revealed that he 'can't imagine' a situation whereby all Formula 1 cars are powered by the same engine - as the motorsport world waits with baited breath to see what the sport's new 'significant cost-saving' regulations are to be.

In the wake of the landmark FIA-FOTA (Formula One Teams' Association) reunion in Monaco on Wednesday, agreement has been reached about how to slash teams' spending within the top flight to approximately a quarter of what it presently is.

Measures are being taken in an effort to rein in ever-escalating expenditure and prevent any more teams from following Honda out of the exit door in the light of the credit crunch currently sweeping the globe. What is not yet known is whether the resolution due to go before the World Motor Sport Council today for final ratification is that hitherto favoured by FIA President Max Mosley, of the introduction of a low-cost, standardised powertrain (engine and gearbox together) as of 2010, supplied by Cosworth.

Following the four-hour discussions in the Principality it was stated that 'agreement was reached on measures to meet all the objectives originally put forward by the FIA for 2010 and thereafter', with the understanding being that a compromise between the two parties' stances was reached.

Williams CEO Adam Parr described it as a 'staggering meeting' and 'massively significant day', adding: "It was very, very impressive and hats off to Luca [di Montezemolo, FOTA and Ferrari President] and Max because they were both on it - it was a great day."

The sport's newly-crowned, youngest-ever world champion Hamilton - a man who is believed to receive an annual salary of some ?20 million, some of which is funded by Mercedes-Benz - is confident that it will not come to such an extreme scenario as that of running with standardised powerplants, with FOTA having alternately suggested a low-cost, 1.8-litre turbocharged, but not standard, engine formula, arguing that a single supplier would take away their very raison d'?tre for competition.

"I don't think that (a standard engine) is ever going to happen," the McLaren-Mercedes star is quoted as having said by the Press Association. "I can't see that happening simply because the manufacturers play such a huge role in the sport - you won't have Formula 1 without them; it would be like one of the lower categories and it would not be as exciting.

"What are you going to do? I can't imagine it (F1) ever being without Ferrari, without Mercedes Benz, without Renault. All these big companies are what make the sport, therefore there is a constructors' championship as well as a drivers' championship.

"I understand there is a crisis, but I'm not going to get upset about it. That's the way the world is. I don't think it's as bad as it seems. Yes, we need to work together to improve certain things, but things are being put in motion so it's not like we're standing still. We are doing something about it.

"The world is struggling, but they are always taking the right actions to make the sport cheaper. Every time they introduce something new it costs more money, though, so it's about having a balance. They are doing the best job they can to be more cost-effective and do the right thing - and I'm very supportive of that.

"I don't have a crystal ball. I am at the beginning of my Formula 1 career - who knows whether I will stay around to see it change or not? I am going to enjoy the moment and focus on next season. There will always be Formula 1."

On the subject of 'next season', the 23-year-old Stevenage-born ace is clearly feeling optimistic, but adamant that - defending title-winner or not - he will be taking nothing for granted. Though he will not resume testing until the appearance of the new MP4-24 early next year, he is insistent that the work has never stopped.

"The team is in the process of designing and building the new car and my work is to start training again," Hamilton told BBC Sport. "I'm definitely focusing on next season. There is less pressure, but I'd love to win the title again.

"If you come off a season where you are the champion of course you have the confidence and you are on a high, but you can never be too confident or too comfortable - you have to come back down to earth and reset your goals.

"I'm not going in saying I'm the world champion and it's going to be easy. I have to start again as if I've just come into the sport."