Formula 1's Commercial Rights Holder Liberty Media is to choose between current supplier Pirelli and prospective entrant Hankook for the 2020-23 tyre supply, after both companies had their respective proposals approved for the next stage by the FIA.
The FIA opened a tyre tender for the 2020-23 period and Pirelli lodged its intention to continue as the sole supplier in the championship, with rival company Hankook also putting in an entry.
Both Pirelli and Hankook’s bids have complied with the technical and safety standards required by the FIA and have been passed on to Liberty Media.
Liberty Media will now conduct discussions with both parties, in which commercial matters will be considered, before making its decision.
Liberty Media's choice will then be submitted to the FIA's World Motor Sport Council for approval and ratification.
Hankook has never supplied tyres to Formula 1 but is currently involved in a number of motorsport series, including DTM and the European Formula 3 championship.
The next tyre contract will see Formula 1 retain the current 13-inch spec for 2020 before it intends to switch to 18-inch wheels from 2021, while tyre blankets will also be prohibited.
It was the decision to retain 13-inch rims for one season that stopped Michelin from submitting a proposal to supply F1.
Pirelli, which is in its eighth season since taking over from Bridgestone as the sole supplier, has a substantial presence within Formula 1, including trackside signage and title sponsorship of multiple Grands Prix.
The 2020-23 contract also stipulates that there will be just one supplier.
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