At a meeting of the World Motorsport Council in Paris, it was decided that from next year the official end-of-race symbol will change to a light signal.
While the flag will still be waved – it will only be for symbolic reasons.
A short statement by the Fia confirmed the news reading: "The official end-of-race symbol will now be a chequered light signal, though the chequered flag will still be on display."
As the rules stand, whenever the physical chequered flag is waved the race is over – whether the official number of laps have been completed or not.
Earlier this year the end of the Canadian Grand Prix in Montreal was thrown into meltdown after model Winnie Harlow accidentally waved the flag too early after a communication breakdown.
And that appears to have been the final nail in the coffin of the long-standing tradition – which has seen celebrities wave the chequered flag on multiple occasions.
Back in 2011 Cricket legend Sachin Tendulkar, a self-confessed F1 fan, waved the chequered flag at the end of the inaugural Indian Grand Prix.
Football icon Pele was also tasked with waving the chequered flag at the climax of the 2002 Brazilian Grand Prix – but was left red faced after forgetting to do so at the right time because he was too busy chatting with officials.
However, FIA Formula 1 race director, Charlie Whiting, has played down the latest development.
He said: "The black and white chequered light signal has been around for three years, and the flag will still be there.
"But now the light will mark the official end of the race. It's partly a reaction to the incident in Montreal."
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