The financial-stricken Valencia government is in talks with Bernie Ecclestone as they are hoping to reduce the costs of hosting the European Grand Prix.
The Spanish port city has been on the F1 calendar since 2008 but it is expected to alternate with Barcelona - who has been hosting the Spanish GP since 1991 - from next year in an attempt to save money.
However while the Catalan capital has been confirmed for next year, the Valencia government is yet to rubberstamp a deal for 2014 with Formula One ringmaster Ecclestone.
Talks between Valencia's regional president Alberto Fabra and F1 officials are ongoing and the city is keen to get a cheaper deal.
Serafin Castellano, secretary general of the region's ruling party, was quoted as saying that Fabra was "in a process of negotiation to reduce the cost of the Formula One levy".
He added: "(Formula One) is very important not only from an image point of view but also due to the economic impact, the creation of jobs and what that means for the Valencia region."
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