Italian website Autosprint quotes an Argentine government minister as saying a three-year deal is soon to be signed with F1 supremo Bernie Ecclestone. It is likely Argentina - which last staged a grand prix in 1998 - will take up a slot in the calendar vacated by Korea.

Ecclestone has yet to comment on any such agreement.

Argentina minister of tourism Enrique Meyer told Autosprint: "The National Government accepts the challenge of organising the Grand Prix of Argentina to promote the image of our country around the world.

"In May, the three-year contract will be signed between all parties involved."

The deal would pave the way for the construction of a Hermann Tilke-designed layout in the resort of Mar del Plata. It is likely to include a mix of city streets, the promenade and a former naval base.