The company controlled by former F1 driver and commentator Jonathan Palmer has won the tender to supply and promote the FIA's proposed new formula two category. MotorSport Vision has enlisted the stalwart F1 team Williams to assist with chassis design, while Audi will provide a 1.8 litre turbo engine, the FIA said in a statement on Monday.

FIA president Max Mosley said in June he envisaged a typical F2 budget at about €200,000 per season. The 2009 season, to be run over 8 rounds, is set to debut next May.

"We hope to reveal talent that might otherwise never have emerged and we look forward to seeing drivers coming into formula one with super licences gained in formula two," Mosley said.

Having operated the Formula Palmer Audi series for the past 11 years, MSV also runs five UK motor sport venues, including Brands Hatch.

Meanwhile, F1 supremo Bernie Ecclestone is rumored to be planning his own rival low-cost GP3 series but there has been no official confirmation yet.