The move was agreed at a meeting of the F1 Strategy Group and the F1 Commission in Paris today.
A working group will be established to finalise the regulations governing the cost-cap regulations.
This group, which will include representatives of the FIA and of the commercial rights holder, as well as F1 team members, will be tasked to finalise these regulations by the end of June 2014.
It is not clear how the budget cap will be structured, although previous proposals have included exemptions for marketing and driver wages.
A budget cap has been under discussion in F1 on and off for several years and with the majority of teams struggling financially the need to take action to cut costs has become urgent.
Then-FIA president Max Mosley attempted to introduce a budget cap of £30 million for 2010.
This was later increased to £40 million before being dropped amid opposition from teams.