Formula One’s governing body has met Ferrari and champions Renault to formulate future engine regulations amid talk of a deal with carmakers threatening their own series.

The International Automobile Federation confirmed on Saturday that FIA president Max Mosley met key personnel from both teams at Ferrari’s Maranello factory on Friday along with privately-owned engine manufacturer Cosworth.

“Max Mosley (race director), Charlie Whiting and (FIA consultant) Peter Wright attended a meeting with representatives of Ferrari, Renault and Cosworth at Maranello to formulate engine homologation proposals” a spokesman said. He gave no further details.

An Italian newspaper said Renault’s Flavio Briatore, whose team is part of the GPMA manufacturers’ group that has yet to sign up for the championship after 2007, and Ferrari’s Jean Todt attended the meeting. Sources said key technical staff, including Renault’s engineering head Pat Symonds and Ferrari’s Ross Brawn, were also present.

The Italian paper said an agreement was reached to freeze engine development for a five year period from 2008 to 2012 with the aim of reducing costs dramatically.