Singapore Grand Prix organisers have dismissed reports they have agreed a five-year contract extension with Bernie Ecclestone.
The race made its debut on the Formula 1 calendar in 2008 and has become a showpiece event for the sport.
Singapore newspaper Today reported that a new deal had been agreed between the organisers and Ecclestone to continue hosting the race for a further five years.
"Everything that was in the way of the Singapore Grand Prix continuing for another five years has been cleared," the newspaper quoted Ecclestone as saying.
"I'm happy that this is out of the way because Singapore has been good to F1 and the night race has also been equally good for Singapore."
However, in a later statement the race organisers denied the reports, stating that negotiations were still ongoing, and insisting that the terms had to "offer commercial viability for the full five years."
"What is presently on offer from Formula One Administration is insufficient for us to commit to a full five-year extension," they said.
"We remain hopeful at reaching an outcome that is mutually beneficial to all parties," SGP added.
A feasibility study carried out in 2010 found that the race had brought £213.5 million of tourism to the country during the first three years.