It looks like there will be a major changing of the guard in Formula 1. Apparently, Formula 1 CEO Chase Carey will soon be stepping down from his role, and his successor will be a familiar name: Stefano Domenicali, the former Team Principal of Scuderia Ferrari.

While no press statement has been released by Formula 1, sources close to the matter have said that Domenicali is set to become the new CEO ahead of the 2021 season. For now only the teams have supposedly been informed about the news, and that the official confirmation is supposedly being finalized in the near future.

Despite Carey's departure as CEO of Formula 1, he will reportedly be still involved in the motorsport albeit in a different position. After all, it was Carey that was also appointed Chairman of Formula 1 upon Liberty Media's acquisition back in September 2016. He then ultimately became the CEO once the deal was finalized in January 2017 – taking the reins from longtime F1 boss Bernie Ecclestone.

During his time as CEO, Carey oversaw the completion of the new Concorde Agreement wherein all 10 teams agreed to the revised commercial terms. With it, the agreement is set to bring about a more equitable distribution of income moving forward, along with the groundbreaking budget cap.

Ex-Ferrari team boss to become CEO of Formula 1 image

In addition, Carey also became instrumental in the expansion of Formula to new markets like Vietnam, as well as the revival of the Dutch Grand Prix. More importantly, Carey faced the challenges of the motorsport amid the pandemic.

As for Domenicali, this will mark his return to the world of Formula 1 after resigning from Scuderia Ferrari as a team principal between 2008 and 2014. After leaving Ferrari, he joined Audi as vice president of new business initiatives before ultimately becoming the CEO of Lamborghini in 2016. But throughout his time with Lamborghini, Domenicali has retained a role within the FIA as president of the single-seater commission which he took up in late 2014.

This isn't the first time a high profile Scuderia Ferrari executive has been appointed to a senior post to oversee Formula 1. Ross Brawn, who was himself a former Technical Director for Scuderia Ferrari during the Schumacher era, is also with Formula 1 as the Managing Director. Jean Todt, who was Brawn's boss as Scuderia Ferrari team principal, is now the president of the sport's governing body, the FIA. 

With Domenicali set to take command of Formula One from Carey, perhaps there will be some big changes that will take place before the 2021 season opens next year.  

Sources: SkySports, Motorsport.com