The Victoria state government have denied reports a deal has already been struck with Formula One boss Bernie Ecclestone to keep the Australian Grand Prix at Melbourne until at least 2015.
The state government have been in negotiations with Ecclestone about keeping the event at Albert Park amid concerns it could be staged elsewhere unless the time of the race was changed.
Reports in the Melbourne media said that a new deal had now been agreed between the parties, but the Victoria government insist negotiations are still continuing.
"We're very keen to secure the grand prix again but it has to be value for money," said acting premier Rob Hulls.
"No deal has been signed, we're keen to retain the grand prix but not at any price."
The future of the event was put under a cloud earlier in the year when Ecclestone said the event may have to move to a night-time slot if it was to continue its place on the Formula One calendar.
However, Ecclestone later tempered his criticism after a successful event in 2008 and said Melbourne still deserved its spot on the circuit.
The Victoria government are believed to have offered to push the race back to 5pm local time to accommodate European television audiences and appease Ecclestone.
An announcement of the final details of the five-year extension to the existing agreement is expected to be made public in the next few weeks.
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