Toto Wolff believes Bernie Ecclestone will remain part of F1 despite his removal from the top job
The 86-year-old has been at the top of F1 for more than 40 years but was "deposed" by new owners Liberty Media last month.
He is said to have been given an "advisory role" in the reshuffle but Wolff believes that Ecclestone will have a more official job despite his shunt sideways.
"With Bernie, you never know if he's really gone or if he's going to come back somehow," Wolff told the German newspaper Frankfurter Allgemeine Zeitung.
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"However, Liberty has not only gained the majority of shares in Formula 1 but also secured the voting rights.
"Chase Carey is the new boss, that is fact – and Bernie might stay on as honorary president.
"This is the offer."
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Bernie Ecclestone has been at the centre of F1 for nearly half a century
Bernie Ecclestone has become a crucial but eccentric cog in the F1 machine
Carey, who used to run 21st Century Fox, will head a three-man board with former ESPN executive Sean Bratches and ex-Ferrari and Mercedes man Ross Brawn alongside him.
And while Brawn brings with him a wealth of experience in F1, Wolff admitted that removing Ecclestone entirely could be a step backwards.
"There is a risk that a lot of knowledge is lost," Wolff added.
"Bernie has developed this racing series into one of the largest global sports companies in the last 40 years.
"He has made incredibly good deals, we have long-term TV contracts and we achieve great reach because we run on free TV.
"Becoming part of that is certainly not easy because so much is based on personal relationships that Bernie has built up over decades.
"On the other hand, there are also blind spots where we can improve.
"We do not have enough in the digital media yet.
"This is something that is not yet monetised, but as a marketing tool it is of immense importance to attract new target groups."