Englishman David Ward, a former adviser to ex-president Max Mosley, is planning to run against Todt.
Sources say Ward, a former adviser to the Labour Party in the UK, believes he is unlikely to win but wants to run to bring out into the open a number of issues regarding Todt's presidency of which he does not approve.
A signed Concorde Agreement could also raise the possibility of long-discussed flotation of F1.
CVC Capital Partners, which owns 35.5% of F1, has talked about floating the sport on the Singapore stock exchange in September.
The other shareholders in F1 are US investment groups BlackRock and Waddell & Reed, Norway's Norges Bank Investment Management and Ecclestone himself.
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