It's understood that the manufacturer teams that comprise the Grand Prix Manufacturers' Association (GPMA), are on the verge of officially announcing a deal that will bring to an end all talk of a breakaway series.

Following a host of recent meetings, culminating in another pow-wow at the Spanish track this weekend, the manufacturers are understood to have agreed a deal which will give the teams 50% of all revenues from the sport.

It is understood that (F1 owner) CVC will formally agree the deal later today, with managing director Donald McKenzie already en-route to Barcelona.

Speaking to reporters at Barcelona this morning, McLaren team boss, Ron Dennis, revealed that the five members of the GPMA have a "complete agreement".

"From the GPMA's point of view, we are now at a point where we are prepared to sign a document," said the Englishman. "This will now allow us to move forward to focus on the future of Formula One.

"Hopefully it will be executed today," he added.

Renault is on the verge of becoming the first team to commit to the new F1, committing itself to the sport until 2012.

More to follow.