Stefano Domenicali, former team principal of Ferrari and CEO of Lamborghini, is set to become the new CEO of Formula 1, according to F1 website RaceFans.

A spokesman for F1 refused to comment on the news, and neither did Domenicali. According to BBC, no contract has been signed yet, but all team bosses have already learnt of the news.

Chase Carey, current CEO and chairman of F1, will stay as chairman but it has not been decided what his duty will be. Carey ran F1 since it was purchased by U.S. group Liberty Media in 2017. He managed to convince 10 teams to sign up for the new Concorde Agreement, which was quite an accomplishment.

Domenicali joined Ferrari in 1991 and took over from Jean Todt, the current FIA president, to run the team at the end of 2007. Ferrari won its last world title, the constructors' championship, under Domenicali in 2008.

Domenicali resigned in 2014 for a senior management role at Audi. Before he quit, Domenicali refused the request of Luca di Montezemolo, Ferrari's president back then, to fire the team's engine head. Two years later, Domenicali became chief executive of Lamborghini.

His new appointment as F1's CEO means former Ferrari bosses will lead both the sport's commercial rights holder and governing body.