The BMW Williams Grand Prix team plan to snap at the heels of Ferrari and McLaren with their 2001 challenger, the FW23.

A team, led by chief aerodynamicist Geoff Willis and chief designer Gavin Fisher, designed the BMW V10-powered chassis that will defend the team's third place in the FIA Formula 1 Constructors World Championship.

Team principal Frank Williams said: "Much is expected of the partnership in 2001 and everybody is aware of this important responsibility."

The Williams team, based at Grove, have the challenge of new aerodynamic limitations the largest change since 1997 substantially more rigorous structural and impact tests, a new engine and a new tyre partner in Michelin.

Willis said: "The FW23 is, in concept, an evolution of the FW22 with developments and improvements for the new engine installation and gearbox and a large number of changes reflecting the impact of the new regulations."

Technical director Patrick Head, added: "The FW23 will build on the progress made over the last two years.

"The aerodynamics of the car have been optimised, and we hope that this car and engine will permit our drivers to challenge for race wins."

BMW motorsport director Gerhard Berger said: "It is highly unlikely that we will be able to close the gap completely with the established front-runners in our second season with Williams F1.

"But we want to improve our performance so as to be ready and waiting to pounce as soon as one of the Ferraris or McLarens run into problems."

Drivers Ralf Schumacher and Juan Pablo Montoya will contest the season with test driver Marc Gene helping to develop the new FW23.