Formula One bosses have revealed that the franchise is looking to overhaul their stance on grid penalties.

F1 chiefs have set out an aim to "get rid" of the current grid penalty system in time for the 2021 season, and Ross Brawn has made clear his thoughts on the issues that currently face them, heading forward under the new ownership, Liberty Media.

Race director Charlie Whiting says they are looking to use the 2021 regulations to disband the concept of grid penalties, which have already affected numerous drivers already throughout this season so far.

This season, Formula One have implemented some tweaks and changes in an attempt to simplify the complicated system for the 2018 schedule. 

Whiting feels that a possible overhaul would reduce the number of grid penalties that are currently imposed. 

And he wants to see them completely out of the sport in three-years time, something he sees as realistic. 

"We would like to get rid of all grid penalties, if we could," he told Motorsport. "That's what we're working towards."

In an attempt at cost-cutting by the franchise, Formula One have pushed to reduce the allowance of gear boxes that drivers can use in a season.

This campaign, current units have to last six consecutive races.

When pushed on whether a gearbox rule needs to come into place, Whiting felt that the current model works but if they do press on with a penalty overhaul, they could introduce a gearbox 'pool' system.

He continued: "There is no need. It is a good system we have.

"If we changed to anything it would be to a pool of gearboxes, like we have a pool of engines.

"So you are only allowed three gearboxes for the year and do what you like with them, but that's all you will have.

"It is one of the things we're thinking for 2021. We are introducing a fairly comprehensive package with a number of changes."