The move is just the latest in a long line thought up by F1 chiefs in a desperate bid to make the sport more appealing.
The new rule is expected to be passed as a mere formality in time for the opening race in Australia next weekend.
F1 bosses discussed the idea after it was pitched to them in a fan survey.
The FIA, F1 and F1 Commission will need to sign off on the deal – but reports claim approval is a given at this point.
A bonus point for the racer to set the fastest time in an F1 World Championship race has not been a feature since 1959.
The logic amongst F1 chiefs is that it could add an extra layer of intrigue to races that would be otherwise foregone conclusions.
However, the proposed rule change stipulates only a racer in the top ten can earn the bonus point.
Bosses are fearful that a fastest lap bonus point could lead to a controversial title victory.
But they believe with all teams knowing the situation surrounding the new rule they can adapt their race strategy accordingly.
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