Aston Martin look set to abandon plans to become an engine supplier in Formula 1 for the new regulations set to come into effect in 2021.

The British carmaker has had an increasing interest in recent years, primarily through a growing relationship with Red Bull which currently sees them as title sponsor and a technical partner to the Anglo-Austrian team.

At the same time, they were also involved in the conversations regarding alterations to the current power units which would see them become cheaper, simpler and louder in three years time.

A final agreement is expected soon with an initial deadline set for the end of June, however, the signals from Aston CEO Andy Palmer aren't painting a strong picture on how the rules are taking shape.

“It doesn’t look like the new regulations will be of interest, sadly,” he was quoted by PlanetF1.

“I don’t see the costs coming down far enough with the regulations I’ve heard discussed and I do see that the opportunity to spend a fortune chasing down a tenth of a second a lap will remain.”

That will be disheartening to F1 bosses, who are hoping the changes can attract new manufacturers back to the sport but have had to deal with the political strength of both Mercedes and Ferrari.

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Palmer insists he hasn't taken a final decision yet though, but his criteria for entry have remained the same.

“At Aston, we love the sport, and we’d love to be involved, but we cannot get involved in an arms race. It’s needlessly expensive and it undermines the sport, because whoever has the advantage of that tenth will win,” he claimed.

“I won’t say we’re definitely not going to do it until I see the final proposal because there are still some areas where there is not enough clarity. But if the door is left open to a spending war, then we won’t be involved.”

Aston Martin had already taken steps towards a possible F1 entry, hiring former Ferrari engine chief Luca Marmorini, but if the plug is indeed pulled, it will be interesting to see what this means for the likes of Porsche who are also believed to be considering their options.