F1's governing body has commenced the search for a new formula one team.

Up and down the paddock, fevered discussions about the future of the sport are currently taking place.

Germany's Auto Motor und Sport believes that Manor, Force India, Sauber and Lotus are all now in danger of imminent collapse.

Correspondent Michael Schmidt says that has led to "some last-minute panic". In Monaco, the paddock whispers were all about 'customer cars'.

Bernie Ecclestone is pushing for his 'super GP2' solution, while another proposed plan is for big teams to field a third car.

But it emerged in Monaco that the big teams' own idea is to prepare two extra cars apiece, supplying them to the bottom half of the grid who would in turn give up their status as 'constructors'.

Now the FIA has stepped in.

On Thursday, the governing body launched a new selection process to identify a new F1 team for "the start of the 2016 or 2017 season".

In a statement, the FIA said the new process is in "due regard for the sustainability and future success" of the sport.

Expressions of interest must be lodged by the end of June, with a final decision to be made three months later.

"In the event that no applicant is considered suitable by both the FIA and the commercial rights holder," the statement added, "no additional team will be selected."

FIA wants new F1 team for 2016