Andy Palmer said the planned changes to the sport could pave the way for the luxury sportscar brand which is a title sponsor to Red Bull to supply engines to Formula One.

In a statement on Twitter, he said: “We are extremely pleased to hear the news regarding the future of F1. These prospective changes support many of the requirements needed for Aston Martin to enter the sport as an engine supplier.”

Red Bull’s engine contract with Renault is scheduled to end this year and many paddock observers believe the team is lining up a possible switch to Honda engines, which may be badged as Aston Martin.

While Aston Martin welcomed the American owners’ five-point plan for changing the face of F1 and ushering in a budget cap and a revised revenue distribution system, Ferrari remained silent.

The Italian team confirmed, via a spokesman, that it had no comment to make in Bahrain following the announcement of the blueprint on Friday.

Ferrari president Sergio Marchionne has warned in the past that radical changes might result in the venerable Italian team quitting F1.

Rivals Mercedes were cautious in their welcome of the vision of the future.

Team chief Toto Wolff said that a budget cap of 150 million dollars was “not achievable” and team chairman Niki Lauda said: “It would mean cutting many jobs, which is something we cannot do in such a short time.”

The blueprint is scheduled to be put into action in 2021.

The teams are expected to meet again to discuss the proposals on April 17, following the Chinese Grand Prix.