Ferrari team principal Frederic Vasseur has admitted that he recently entered discussions with Adrian Newey.

Most Formula 1 teams, if not all of them, had also attempted to take advantage of the golden chance to sign the sport's most renowned technical expert after he announced earlier this year that he would gradually step away from his role at Red Bull.

In the end, the two main contenders for Newey's services were Ferrari and Aston Martin – with Lawrence Stroll's Aston Martin project ultimately coming out on top.

The official announcement will take place at Aston Martin's newly renovated Silverstone headquarters on Tuesday. Spanish TV network DAZN will even air the event live, due to the local interest surrounding Aston Martin's driver, Fernando Alonso.

Pedro de la Rosa, who is Aston Martin's brand ambassador, is set to be there to provide his live commentary – further confirming that the event is indeed to unveil the big Newey news.

Several weeks ago, it was reported that negotiations between Ferrari boss Vasseur and the 65-year-old Newey had collapsed due to the engineer's high demands.

"There were discussions," Vasseur confirmed to L'Equipe.

"He probably had a different idea of what I had in mind for him," he added. "Maybe we'll be on the same page one day."

For now, that potential is on hold, as reliable sources suggest Newey has signed a five-year contract with Aston Martin, valued at an astonishing $150 million or more.

Vasseur maintains that Ferrari's inability to land Newey is not a major disappointment.

"It is not an individual that determines the outcome for a team," he said. "The group is always stronger than the individual."

Ferrari recently lost their technical director Enrico Cardile to Aston Martin but responded by bringing in Mercedes' Loic Serra as a replacement.

"Loic's strength is that he is a very experienced man who has worked at the highest level for an enormous amount of time," Vasseur stated. "And he is also a real racer."

Additionally, Ferrari has added former F1 driver Jerome d'Ambrosio to their ranks, following his management stint alongside Toto Wolff at Mercedes.

"It was important to have someone with his knowledge," Vasseur said of the Belgian. "He has experienced everything in the racing world, as a driver, a team boss, a CEO. He knows this job." body check tags ::