Valencia organisers are hoping to negotiate a new fee and then agree to annually alternate a spot on the Formula 1 calendar with Spanish Grand Prix host Barcelona.
Whether the Spanish cities will ultimately share just one Spanish date on future Grand Prix calendars is a long-running saga, but the latest reports indicate talks are still ongoing.
Barcelona officials played down the likelihood of a deal when it hosted its race at the Circuit de Catalunya earlier this month.
But Valencia’s regional government, the Valencian generalitat, said through its vice president Jose Ciscar: “We are negotiating a discount for it (the Formula 1 race).
“When it is closed, I believe that we can sign the contract between the three parties,” he told the Spanish news agency EFE, referring to Valencia, Barcelona and Formula 1’s Bernie Ecclestone.
Ciscar said Formula 1 could therefore return to Valencia in 2014, adding: “But I’m very cautious.
“When we can announce that the deal is done, it will be announced.”