Bjorn Wirdheim claimed the F3000 title last year

Races will be held at the European Formula One events, and provide a stepping stone into Formula One.

Series organiser Bruno Michel said: "We will have a car that is going to be as close as possible to Formula One - in terms of engine, chassis and tyres.

"This new series will be the last step before Formula One, and costs will be kept low to make it successful."

Michel admitted "Formula 3000 is suffering because the costs are too high", and that money to finance new drivers was hard to find.

But he is confident the new series will not experience similar difficulties, as he said "the cars are cheaper than before".

That is despite a greater degree of sophistication, with the chassis' made by Dallara and the engines built by Renault and capable of 600bhp.

Formula One boss Bernie Ecclestone believes it will be a good way for drivers, engineers and mechanics to improve their skills before moving up in class.

Motorsport's governing body, the FIA, will continue to be the sporting and technical regulator, as in F1.

On Tuesday, the FIA confirmed 10 teams have lodged entries for the F3000 Championship.

But while F3000's swansong will go ahead, the FIA were cool on the announcement of its successor.

A statement said: "The FIA has not yet seen any proposed technical or sporting regulations for this series.

"When received, the draft regulations will be considered in the usual way."

However, it is expected that the FIA will eventually look kindly on the new championship, not least since it appears to have Ecclestone's backing.