Liberty has already made Chase Carey, former 21st Century Fox vice chairman, chairman of the Formula One Group.

According to the insider information, the F1 can be sold to the Liberty Media and Ecclestone will step down. This week, the sale of the F1's commercial rights to the U.S. company Liberty Media was approved by FIA.

Because of this, sources close to Ecclestone do not believe that he would take up an honorary presidential position if it were to be offered to him.

And their report adds American Sean Bratches, a former executive at television network ESPN, could be appointed to run the commercial side of the sport.