Singapore Grand Prix promoter Colin Syn says the event is "very close" to concluding a new deal with Formula 1 for 2018 and beyond.
The Asian showcase event, held at the Marina Bay circuit, is marked as provisional on the 2018 F1 calendar, along with the China Grand Prix, but current talks appear to be on the verge of a satisfactory conclusion, according to Syn who was at the British GP last week to meet with F1's Chase Carey and Sean Bratches.
"It’s a work in progress," Syn told Motorsport.com.
"It’s a serious matter, so we’re being very careful. Everything we do has to be together. It’s very close, and we’re very hopeful. We can only hope!"
The Singapore Grand Prix was first held in 2008 and immediately enjoyed popular success. The event is in its final year of a five-year contract signed with Bernie Ecclestone.
Asked at Silverstone whether negotiations were centered around the duration of its future new deal, Syn said: "We're just looking at a good deal."