Pirelli are seeking a "medium term" deal to remain in Formula One but only if they are F1's sole supplier.
The Italian tyre manufacturer became F1's sole supplier at the end of 2010 having signed a three-year deal when Bridgestone withdrew from the sport.
Pirelli's comeback has garnered much applause for the company and its motorsport director Paul Hembery as their choice of compounds has played a pivotal role in adding to the sport's excitement.
Fans can hopefully look forward to more years with Pirelli on board as Hembery says they are wanting to stick around.
"Three years is not enough," he told told F1 Fanatic adding that the company wants to remain in F1 for at least the "medium term.
"Over ten years there's maybe less value added each year that you continue because the public perceives that you are in Formula One.
"When we were in Formula One last in the nineties it took four or five years before people realised we weren't in it any more. So you have to create momentum - once you've got it, it carries on many years after you leave the sport.
"Any competitor will know very clearly we have a three-year deal so they will have had ample opportunity to raise their hands if they're interested.
"Our point of view is that we'll have to speak to the promoter because a major part of our investment return comes from trackside visibility of our brand. So we'll have to make sure we have an agreement with the promoter.
"And then you have to find an agreement with all the 11 teams. At the moment we've only ever had compliments and positive feedback from the teams and the promoter is very keen for us to continue."
Hembery also ruled out going head-to-head with another tyre manufacturer in Formula One saying "there's no appetite" for a tyre war.
"You can see around the world in terms of circuit racing there's probably three or four championships in the whole world that are open now. That's the way the world prefers it and I can understand why."
The Pirelli boss added that in a tyre war its the manufacturers who really lose out as they are not credited with the race win but are immediately blamed for a loss.
"What you'll find in motorsport is that even when you're winning as a tyre maker unfortunately - well, it's correct - it's the driver and the car that's winning. If you lose, as the tyre maker it's always your fault. It's a strange paradox.
"You can't actually convey to the public when you're a winning tyre maker because it's not a tyre championship, it's a drivers and vehicle championship.
"If tyres ever became so dominant or one tyre maker became dominant it would still become a single brand because everybody would move to that brand. So you're really delaying the inevitable, almost."
