The end of the world is nigh!

Another sign !

Ferrari have threatened to quit Formula 1 at the end of the season if the sport continues with plans to introduce an optional £40m budget cap from 2010.

"If the regulations for 2010 will not change, then Ferrari does not intend to enter cars in the next Formula 1 world championship," read the statement.

Ferrari fear the evolution of a two-tier championship, between those teams who adopt the cap and those who do not.

The teams will discuss the plans with FIA chief Max Mosley in the next week.

But motorsport's governing body, the FIA, has so far refused to be drawn into a public discussion about Ferrari's threat.

"We have nothing to add to the letter sent to Ferrari on 29 April," said an FIA spokesman, referring to a letter sent to Ferrari president Luca di Montezemolo in which FIA chairman Max Mosley rejected the team's complaints about the budget cap.

"For the first time ever in F1, the 2010 season will see the introduction of two different sets of regulations based on arbitrary technical rules and economic parameters," their statement added.

"The board consider that if this is the regulatory framework for F1 in the future, then the reasons underlying Ferrari's uninterrupted participation in the world championship over the last 60 years - the only constructor to have taken part ever since its inception in 1950 - would come to a close."

Ferrari's stance has divided opinion on whether or not they will go ahead with their threats of withdrawing.