At the Geneva motor show, Ferrari president Sergio Marchionne doubled down on his threat to quit the sport by saying that the Maranello team could race in America instead.
"Why not?" he is quoted by the Italian press as saying.
"We have this tradition and we think about it."
Ferrari is railing against Liberty Media in particular, as plans for a new engine formula and budget cap beyond 2020 are advanced.
The FIA is also set to enrage Ferrari, as Todt said that the team's historical veto is likely to be withdrawn.
"In the time of Enzo Ferrari, they were the only team that produced both the chassis and the engine and they needed protection," said Todt.
"Times have changed."
As for Ferrari's quit threat, the Italian outfit's former boss sounded unmoved.
"It Ferrari leaves, it will be their choice. They can do what they want," said Todt.
"Of course I hope they will not, but it cannot be ruled out."
The 2018 season begins next weekend.