Formula one chief executive chase carey is set to be replaced by lamborghini ceo and former ferrari team boss stefano domenicali, as the us owners of the motor racing series install an industry insider to steer its future.

Mr domenicali has agreed to take the job by the start of next season, according to two people familiar with the move.

It is not clear if mr carey will retain an advisory role by keeping his other position as f1s chairman. talks are ongoing with liberty media, the us investment group controlled by billionaire john malone that owns f1.

The leadership change had been expected for this year. mr carey, a former executive vice-chairman of rupert murdochs 21st century fox, took the position in 2017 following liberty medias $8bn takeover, replacing bernie ecclestone who over four decades turned the sport into an international phenomenon.

People familiar with mr careys original appointment said he had planned to leave at the end of a three-year employment deal.

However, he also agreed to see out the current season to ensure it could be concluded despite the disruption caused by the pandemic and to complete a crucial renegotiation of the deal that governs how f1 shares revenues with racing teams.

While those efforts will be considered among mr careys biggest achievements, his other goals for f1 have largely stalled, such as launching new races in the us and expanding revenues from sponsorship deals.

Last month, liberty media reported that f1 had sunk to an operating loss of $122m on revenues of $24m in the second quarter, compared with an operating profit of $26m on revenues of $620m in the same period a year earlier. in 2019, f1 revenues rose by 11 per cent to $2.0bn.

Mr domenicali was the last team principal at ferrari to win the championship for the italian brand in 2008. he left the team in 2014 to take a management position at audi, part of germanys volkswagen group which also owns lamborghini.

If [mr domenicalis] the guy then i think its a great choice because he knows f1 from running ferrari, said zak brown, chief executive of mclaren racing, a uk-based team. he knows everyone in the pit lane so hes very credible.