Motorsport boss Max Mosley has written to the teams asking them to consider the proposals at a meeting on Friday, reports the BBC.
But he insisted the measures would not happen soon.
Seven-time world champion Michael Schumacher earns around £27million a year and at 36 is the oldest driver on the grid - but he is unlikely to affected by the latest money-saving ideas. The age limit being considered would apply to second drivers.
Mosley, president of governing body the FIA, is keen to get all the teams together to plot the future of the sport from 2008. He shares the opinion of the majority of teams that they will not be able to sustain their current level of expenditure.
There is, however, a wide difference of opinion on how best to effect change.
Further technical and operational changes, such as limiting race weekend to two days and plans to use only a single tyre supplier, have already been mooted by the FIA, the sport’s governing body.
