Ferrari has admitted it is making a "significant change of direction" with the concept of its 2020 car.

After winter testing showed the Maranello team is easily off Mercedes and Red Bull's pace, there was speculation Ferrari was readying a 'B' car.

The team denied that its Austria-spec car is significantly different to the one that was taken to Melbourne in March, but boss Mattia Binotto now admits that serious modifications are indeed in the works.

"The truth is that the outcome of the tests led us to take a significant change of direction in terms of development, especially on the aerodynamic front," said the Italian.

"It would have been counterproductive to continue in the direction we had planned, knowing that we would not have reached our goals," Binotto added.

He said the revised car should be ready by the third race of the 'corona calendar' in Hungary later in July.

"We know that, at the moment, we don't have the fastest package," said Binotto. "We knew it before heading for Melbourne and that hasn't changed."