Ferrari is the only brand to compete in every F1 season since 1950, but that could all change following the 2020 season.
Speaking with reporters during Ferrari's annual pre-Christmas media dinner, chairman Sergio Marchionne made it clear he doesn't agree with F1's proposed engine regulations set to take effect in 2020.
"Making cars all the same with simpler and cheaper engines is like NASCAR, it doesn't interest us," Marchionne said, according to Eurosport. "We need to find a balanced solution for the future that satisfies everyone and I think we will do it in time.
"Otherwise Ferrari will leave," he added. "If they (sceptics) think we are bluffing, they are playing with fire."
Marchionne said Ferrari could potentially start its own racing series to rival F1, but would like to remain in the series as long as compromises are reached that won't "leave Ferrari without the possibility of showing its DNA in every race."
F1 fans know this isn't the first time Ferrari has threatened to quit F1, but the two sides have agreed to compromises that benefited both parties. However, this is the first time Ferrari has threatened to leave since Liberty Media took over as F1's owners.
Former F1 boss Bernie Ecclestone also chimed in on the situation, suggesting that Liberty Media needs to take a more authoritative approach as F1's leader.
"Democracy has no place in Formula 1," Ecclestone said, according to The Drive. "The new owners will soon realize this because so far they have achieved nothing."
The 87-year-old Ecclestone also shared his thoughts on Ferrari's latest threat to leave F1.
"The old game," Ecclestone said. "If they don't win, there is usually panic. Max Mosley and I could write a long list of all the times we helped Ferrari, but they always deny it."