The shift from the current normally-aspirated V8s to efficient energy recovery-boosted 1.6 liter four-cylinder turbos with fuel restrictions is expected to be rubber-stamped shortly by the F1 Commission and the FIA's World Motor Sport Council within days, the BBC reports.
Earlier, it emerged that key engine makers were pushing against the move, ostensibly on cost grounds.
But BBC Sport said the FIA is set to announce the new regulations next Friday, and a spokesman for Ferrari confirmed that he would be "surprised" if it did not now take place.
"An agreement is there, and when there is an agreement you work accordingly," said the spokesman.
F1 chief executive Ecclestone admits he still has misgivings.
"We have a very good engine formula. Why should we change it to something that is going to cost millions of pounds and that nobody wants and that could end up with one manufacturer getting a big advantage?" he said.
But the report said "checks and balances", primarily through resource restriction, have been written into the new regulations to counteract those fears.
[Editor's Note: F1 gets it right again. Why doesn't IndyCar's new engine for 2012 follow the same Global Racing Engine formula – 1.6 liter turbocharged engine with energy recovery? With the entire automotive industry now saying that electric cars are the future of the automobile, any racing series that does not include 'electric' in their engine formula simply has their heads buried in the sand. While KERS does not give you much on 100% no talent required ovals where the driver never breaks, it does for road and street courses as well as short ovals like Milwaukee. Instead NASCAR and IndyCar continue to bury their head in the sand and use Ethanol for fuel. Even Al Gore, the biggest proponent of ethanol, has come out and said he was wrong and that ethanol is not cost effective or environmentally sound. AR1.com has told you that for years now. Electric cars are the future folks, and the racing series that incorporates electric propulsion in conjunction with an internal combustion engine will get the participation of many car manufacturers worldwide. Racing needs to again be the test bed of the automotive industry. In a previous article we explained to you how electric/battery powered cars can race in a sprint race format, similar to NASCAR's All-Star race format. ]