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A news conference, expected to confirm that the British Grand Prix has been saved, is scheduled for Wednesday afternoon.
Formula One boss Chase Carey , Silverstone managing director Stuart Pringle, and British Racing Drivers’ Club chairman John Grant, are poised to announce a contract extension at the Northamptonshire track in a press call at 2pm.
The news is set to bring an end to a two-year saga, sparked when Silverstone triggered a release clause in 2017 in the hope of brokering a better deal.
Sunday’s race was set to be the last unless a new arrangement could be found.
Silverstone’s former deal, agreed with ex F1 supremo Bernie Ecclestone , included a five per cent annual increase, taking the hosting fee to £26million by 2026.
F1 Austrian Grand Prix in picturesShow all 41 1 /41F1 Austrian Grand Prix in pictures F1 Austrian Grand Prix in pictures Austrian Grand Prix 60,000 red Niki Lauda caps were left out for fans.
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F1 Austrian Grand Prix in pictures Austrian Grand Prix Turn One of the Red Bull Ring was renamed the 'Lauda Curve' in honour of the late Niki Lauda.
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F1 Austrian Grand Prix in pictures Austrian Grand Prix Images of Lauda's career lined the track entry, as Bernie Ecclestone takes in images of him and the late Austrian.
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F1 Austrian Grand Prix in pictures Austrian Grand Prix A giant flag dedicated to Niki Lauda was displayed ahead of the race.
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F1 Austrian Grand Prix in pictures Austrian Grand Prix Fans waved their red and white caps to pay tribute to Lauda.
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F1 Austrian Grand Prix in pictures Austrian Grand Prix Max Verstappen got a terrible start as he dropped from second to eighth.
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F1 Austrian Grand Prix in pictures Austrian Grand Prix Leclerc maintained the lead into turn one.
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F1 Austrian Grand Prix in pictures Austrian Grand Prix Verstappen quickly fought his way back through the field to take fifth.
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F1 Austrian Grand Prix in pictures Austrian Grand Prix Leclerc built a healthy gap ahead of Bottas.
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F1 Austrian Grand Prix in pictures Austrian Grand Prix The Ferrari driver pitted from the lead to switch to the hard tyres.
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F1 Austrian Grand Prix in pictures Austrian Grand Prix Hamilton was forced to pit for a new front wing that dropped him to fifth.
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F1 Austrian Grand Prix in pictures Austrian Grand Prix Verstappen started his charge after making his pit stop, getting by Vettel to take third.
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F1 Austrian Grand Prix in pictures Austrian Grand Prix Verstappen overtook Bottas into turn two to take second and give himself 15 laps to catch Leclerc.
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F1 Austrian Grand Prix in pictures Austrian Grand Prix Verstappen crosses the line to win the Austrian Grand Prix.
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F1 Austrian Grand Prix in pictures Austrian Grand Prix Max Verstappen celebrates winning the Austrian Grand Prix
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F1 Austrian Grand Prix in pictures Austrian Grand Prix Verstappen celebrates the win with his Red Bull team.
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F1 Austrian Grand Prix in pictures Austrian Grand Prix Max Verstappen celebrates winning the Austrian Grand Prix
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F1 Austrian Grand Prix in pictures Austrian Grand Prix But it was soon confirmed that the race result would be investigated due to Verstappen's move on Leclerc.
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F1 Austrian Grand Prix in pictures Austrian Grand Prix It was the second consecutive year that Verstappen win the Austrian Grand Prix.
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F1 Austrian Grand Prix in pictures Austrian Grand Prix The pair did not speak as Verstappen celebrated his win.
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F1 Austrian Grand Prix in pictures Austrian Grand Prix Verstappen was confident that he would keep the victory.
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F1 Austrian Grand Prix in pictures Austrian Grand Prix Thousands of Dutch fans celebrated Verstappen's victory.
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F1 Austrian Grand Prix in pictures Qualifying Lewis Hamilton climbs into his Mercedes ahead of qualifying.
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F1 Austrian Grand Prix in pictures Qualifying Sebastian Vettel's Ferrari suffered an air pressure problem between Q2 and Q3.
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F1 Austrian Grand Prix in pictures Qualifying Vettel was forced out of qualifying by the issue.
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F1 Austrian Grand Prix in pictures Qualifying The German will start in 10th after not running in Q3.
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F1 Austrian Grand Prix in pictures Qualifying Hamilton felt he was troubled by not picking up a slipstream.
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F1 Austrian Grand Prix in pictures Qualifying Charles Leclerc celebrates taking pole position for the Austrian Grand Prix.
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F1 Austrian Grand Prix in pictures Qualifying Hamilton congratulates Leclerc after the Ferrari driver took pole position.
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F1 Austrian Grand Prix in pictures Qualifying Hamilton faces an investigation after impeding Kimi Raikkonen in Q1.
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F1 Austrian Grand Prix in pictures Qualifying Charles Leclerc starts on pole position for the Austrian Grand Prix
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F1 Austrian Grand Prix in pictures Practice A fan of Red Bull Racing's Dutch driver Max Verstappen poses on the start line.
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F1 Austrian Grand Prix in pictures Practice The Red Bull Ring hosts the ninth race of the F1 season.
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F1 Austrian Grand Prix in pictures Practice Charles Leclerc meets fans ahead of the race weekend.
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F1 Austrian Grand Prix in pictures Practice Valtteri Bottas suffered a heavy accident in practice.
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F1 Austrian Grand Prix in pictures Practice The damage meant that his Mercedes needed to be completely rebuilt.
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F1 Austrian Grand Prix in pictures Practice Max Verstappen went off at the final corner.
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F1 Austrian Grand Prix in pictures Practice Verstappen walks back to the pits after crashing out of practice.
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F1 Austrian Grand Prix in pictures Practice The rear of his Red Bull suffered extensive damage.
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F1 Austrian Grand Prix in pictures Practice Sebastian Vettel became the third high-profile name to spin off in practice.
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F1 Austrian Grand Prix in pictures Practice Like Verstappen, Vettel went off at the final corner.
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It is understood that the financial side of a new agreement was agreed some time ago, with the last few days spent working on ironing out the final details.
Both F1 and Silverstone have worked around the clock to ensure the future of the sport’s oldest race is secured before the doors are thrown open for this weekend’s event.
Silverstone is set to seal its future (AFP/Getty) Silverstone are expecting a record crowd in excess of 140,000 for Sunday’s race.
Britain’s five-time world champion Lewis Hamilton holds a 31-point lead over Mercedes team-mate Valtteri Bottas ahead of his home race.
PA
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