Ferrari will quit F1 if 2010 rules stand

"No F1 in 2010 if the rules do not change. Ferrari confirms its opposition to the new rules imposed by FIA and does not intend to register cars for the 2010 F1 world championship," a statement said.

Toyota and Red Bull have already threatened not to enter next year’s championship unless the new rules published by the governing International Automobile Federation (FIA) are changed.

The FIA, headed by Max Mosley, want to introduce an optional 40 million pound budget cap next year to encourage new teams to enter.

The plan would allow capped teams to operate with far greater technical freedom than those continuing with unlimited budgets.

Ferrari’s president Luca di Montezemolo, head of the Formula One Teams’ Association (FOTA), has warned it would create a two-tier championship that could be "fundamentally unfair and perhaps even biased".

The FIA has set a deadline of May 29 for teams wishing to compete in 2010 to enter and state whether they want a cap or not.

Ferrari, the sport’s oldest and most successful team, also threatened a pullout in October if proposals for a standard engine for all teams went ahead.