Richards is expected to enter his Prodrive team in 2008

It is expected that the 11 existing teams will all take part despite the continuing discord over the future of the sport.

The FIA has also chosen a new team to join the grid in 2008.

The Prodrive company, run by former BAR and Benetton boss David Richards, has been tipped as the likely winner when the announcement is made next week.

Five carmakers had threatened to form a breakaway series from 2008 if they were not granted a greater share of F1's profits and a bigger say in how the sport was run.

But Renault, BMW, Mercedes, Toyota and Honda have all entered, even though they have failed to agree a new commercial deal with the FIA.

We got a 'not at this time but stay in touch' sort of letter Former Minardi boss Paul Stoddart

The FIA also received 11 applications from new teams for 2008.

"We have heard rumours of letters flying around but we have been told that the formal announcement will come next Friday and we await that with bated breath," said Richards, whose company is based in Banbury.

Former Minardi boss Paul Stoddart confirmed that he had received a rejection letter from the FIA.

"We got a 'not at this time but stay in touch' sort of letter," said the Australian, who had hoped to resurrect the Minardi name after selling his team to Red Bull last year.

Other candidates to join in 2008 include Carlin Motorsport, run by former Jordan sporting director Trevor Carlin. The team has won a series of British Formula Three titles.

FIA president Max Mosley said: "All the teams concerned have been notified, including those that haven't been accepted.

"I can't comment on who has been accepted. But we have made a decision.

"You simply look at all the different aspects of each team and take the one that looks the best.