Top Formula 1 team bosses see progress but time is running to secure a new Concorde Agreement post-2020.

Piece-by-piece, details are coming out about the overhaul in regulations which will coincide with the new commercial rights deal in 2021, including more standardised parts ranging from wheel rims to the brake system.

Greater financial regulation and new-look cars are just some of the changes also expected, but getting to this point has been very arduous as Liberty Media try to appease all parties.

"It feels like we're converging," Red Bull’s Christian Horner said via GPFans.com.

“There are still a few elephants in the room but yeah, it feels generally like on all front we are converging in the right direction.

"Hopefully, over the next few months, something can get sorted."

The issue now is, under the current regulation, changes for 2021 must be agreed by the end of June unless unanimous approval is given to delay.

That could prove tricky though as both smaller teams and manufacturer need to plan ahead.

"There are so many important balls in the air, whether it's prize fund redistribution or the cost cap, technical and sporting regulations," Mercedes boss Toto Wolff noted.

"It is progressing slowly. We'd like to have it done sooner rather than later.”

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His Renault counterpart Cyril Abiteboul agreed, adding: "We really see the end of June as the deadline. That is a necessary deadline for the sport, for the OEMs and for all teams really, to know what the future is holding and to start to make plans accordingly."

Red Bull boss Horner though is pushing for an extension.

“It was my suggestion to move it from June,” he told RaceFans.

“I think if you look at it probably the best time would be to put it to December but then the little teams would argue that they can’t react to that.

"[Also,] the earlier they are [agreed means] the bigger teams have more resource to split their resource [between 2020 and 2021] and effectively put more resource on it sooner than the little teams.

"So October is effectively a compromise between end of year and June so we’re OK with that.”

Mercedes and crucially Ferrari indicated they would likely agree to that idea.