Pirelli is facing competition from tyre manufacturer Hankook for the contract to supply Formula 1 teams from 2020 it has been revealed.

Earlier in the summer, the official tender process was begun by the FIA with expectations that the Italian company, which has been in F1 since 2011, would continue.

This was particularly true as any new supplier would have to produce the current specification tyres in 2020 but then develop an all-new tyre for 2021 with 18-inch rims and the banning of tyre blankets to pre-heat the compounds.

Pirelli has always said they would consider the idea of returning to a tyre war, with Bridgestone vs Michelin the last until the end of 2006, although that seems unlikely as only one supplier is set to be chosen by the governing body.

Having already passed the initial safety and technical requirements, RaceFans claims negotiations between Hankook and Liberty Media are the next step to see if a financial deal can be agreed.

The South Korean company has expressed interest in F1 before and currently supplies the German DTM and European F3 series.