According to Reuters, FOTA has written to the FIA in an 11th-hour bid to calm the row that threatens the future of the sport, the teams' alliance apparently offering a compromise.
In a letter, sent just two days before the FIA's latest deadline, and which Reuters claims to have seen, the teams' alliance writes: "The time has come when, in the interests of the sport, we must all seek to compromise and bring an urgent conclusion to the protracted debate regarding the 2010 world championship.
"We hope that you will consider that this letter represents significant movement by the teams, all of whom have clearly stated a willingness to commit to the sport until the end of 2012," it continues. "We would therefore strongly but respectfully submit that you consider these proposals and seek to avoid the potential departure from Formula One of some important teams. Now is the time to find a reasonable and rapid solution to the outstanding issues."
It is claimed that FOTA goes on to ask the FIA to extend Friday's deadline by just over a week until July 1, in order to allow time for further discussions.
In what some might see as a classic case of 'Ronspeak', FOTA claims that a solution to the budget-cap row might still be possible, though it opts to refer to the budget-cap as a "resource restriction".
"We detect that a solution might be possible based on the FOTA resource restriction proposal but with measures introduced," reads the letter. "We would propose in this respect that we nominate a top firm of independent accountants who will devise an audit methodology that will be implemented by all of the teams.
"This methodology and the annual results would be disclosed to the FIA. we can see no reason why such a system based on objective verification of compliance would not be acceptable to all parties."
As far as Max Mosley, and indeed, most observers, are concerned, this might be seen as the first sign that the teams have blinked, in other words, they are on the verge of 'bottling it'. It is to be hoped that this observation is wrong. One of the key factors in this row, indeed most previous rows, has been the stance taken by the FIA President, it his governance that has taken the sport to the brink. If he wins again this time we might as well re-name Formula One as Formula Max and be done with it.