Sports Mole rounds up all of the latest news regarding Formula 1 on Saturday, October 31.

Saturday morning's Formula 1 news roundup:

Wolff looking for new Mercedes team boss

Toto Wolff has admitted he is on the hunt for a new team principal for Mercedes.

While insisting that he will remain connected to the team beyond 2020, the Austrian has also hinted repeatedly that his hands-on role at all the races could change.

"I can't say whether it will be one year, two years, three years," Kronen Zeitung quotes Wolff as answering when asked how long it will take to appoint a successor.

"But when I look to the next few years, it would make me very proud if a team boss takes over and does a better job than I could do."

He admitted that Daimler CEO Ola Kallenius is open to Wolff swapping his team boss role for a new job - such as executive chairman.

"Daimler gave me the choice," said Wolff, "but before I switch to a new role, I have to make sure that someone else can do the 23 races and that I can enjoy it in front of a Zoom screen."

'Delicate' driver salary cap not decided yet

Lewis Hamilton says news that his salary could be capped from 2023 caught him by "surprise".

The $30 million per team cap was agreed by the teams during Monday's key meeting of the F1 Commission.

"Nothing has been decided yet, but we are happy to start working on the issue and understand what the system could be," Ferrari team boss Mattia Binotto said. "But there are no solutions yet."

The Italian admitted it is a "delicate" topic, while Hamilton's boss Toto Wolff described it as "emotional".

"It is clear that the drivers in Formula 1 are the best in the world and should earn high salaries," he said.

"But in order to be sustainable long term, Formula 1 teams need to show profitability like any other company."

The salary cap plans could explain why Hamilton, 35, is yet to agree new contract terms with Mercedes for 2021 and beyond.

"It has nothing to do with it," the six-time world champion insisted at Imola.

"We heard of the idea a while ago, but it is the first we heard of it this week," said Hamilton. "So I think it's important that the GPDA work closely with Formula 1 to get in to discussions moving forwards."

Alpha Tauri boss Franz Tost said when asked about the salary cap: "For my taste, the drivers earn too much money anyway.

"If I had a say, I would give them a maximum of $10 million. If the ghost races continue next year, Formula 1 will earn less and therefore the teams will get less. Why not the drivers too?

"They should be happy about the wonderful jobs they have."

More news from Formula 1:

Lando Norris personally apologises to Lewis Hamilton over record comments
Lewis Hamilton moved clear of Michael Schumacher's 91 victories at last weekend's Eifel Grand Prix. Read more.

Damon Hill looks back on Ayrton Senna's fatal crash ahead of Imola return
Ayrton Senna's death on the seventh lap 26 years ago came just 24 hours after Austrian Roland Ratzenberger perished in qualifying. Read more.

Raikkonen, Giovinazzi to remain with Alfa Romeo for 2021 season
Kimi Raikkonen recently surpassed Rubens Barrichello as the Formula One driver to start the most races ever. Read more.

Lewis Hamilton to discuss potential salary caps with F1 bosses
There have been talks of splitting both drivers' wages within the same team to no more than £22million-a-year from 2023. Read more.

Russell staying at Williams in 2021
George Russell is staying at Williams next year, contrary to speculation that interim team boss Simon Roberts was flirting with Sergio Perez and his Mexican backers for 2021. Read more.

Schumacher at Haas would be 'an honour' - Steiner
Signing Mick Schumacher for 2021 would be "an honour", Haas boss Gunther Steiner has admitted. Read more.

No room in F1 for entire Ferrari rookie trio - Binotto
Only one of the trio of top Ferrari 'academy' rookies will make it into Formula 1 next year. Read more.

Modern F1 circuit design 'a shame' - Zaffelli
Jarno Zaffelli, a circuit designer involved in the modern version of Imola, says the current direction of Formula 1 track design is "a shame". Read more.

Verstappen repeats Hulkenberg preference for 2021
Max Verstappen has repeated his view that Nico Hulkenberg would be a good teammate for him at Red Bull next year. Read more.

Ferrari CEO plays down Aldo Costa rumours
Ferrari CEO Louis Camilleri has played down suggestions the Italian team could reunite with its former car designer Aldo Costa. Read more.

F1 bosses defend controversial Saudi Arabia race
Top F1 team bosses have defended the decision to add a new race in Saudi Arabia to the sport's unprecedented 23-round schedule for 2021. Read more.

Racing Point blocked Abu Dhabi test for Alonso
Racing Point vetoed Fernando Alonso's participation in the end of season 'young driver test' in Abu Dhabi. Read more.

Marko insists he has 'nothing against Gasly'
Red Bull needs Pierre Gasly to lead the Alpha Tauri team from the cockpit, according to Dr Helmut Marko. Read more.

Magnussen admits Red Bull seat 'not likely'
Haas' current F1 drivers do not sound keen on the idea of remaining in Formula 1 next year by becoming reserve drivers. Read more.