Bernie Ecclestone is currently F1's most powerful man
Liberty Media Group agreed to buy Formula One Group, the company responsible for the rights to F1, late last year in a deal worth more than £3billion.
The US company then jumped through the final hoops of the takeover process last week when the move was ratified by their shareholders and F1’s governing body, the FIA.
2017 F1 Calendar
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Express Sport brings you the complete Formula One 2017 race calendar
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Express Sport brings you the full Formula One 2017 calendar
Ecclestone revealed in September that he had been asked to stay on for another three years.
However, the BBC claim Liberty want to revamp the sport and are ready to ease the 86-year-old aside in order to do so.
Bernie Ecclestone has been involved in F1 for most of his life
Chase Carey, who used to work at the highest level in Rupert Murdoch’s 21st Century Fox, has already been appointed chairman of F1.
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And Liberty are also said to be eyeing a return to F1 for Ross Brawn, former Mercedes and Ferrari executive, in a team relations role.
While movement is expected in the coming days, sources close to Ecclestone are said to believe that the reshuffle will happen by the end of the month at the very latest.
The F1 supremo is currently on skiing holiday which could delay any announcement.
The completion of the deal will leave Liberty with little time to make any real changes before the beginning of the F1 season.
The Australian Grand Prix will kick off 2017 on March 26.