The organisers of the Chinese Grand Prix have said they are 'confident' they will be able to reach a new agreement with F1 boss, Bernie Ecclestone to keep the Shanghai International Circuit on the F1 calendar.

Although Ecclestone recently said the event will take place in 2011 and will continue on a 'rolling contract' for the foreseeable future [see separate story - click here], there has also been speculation that this year's event, which was won by Jenson Button, might be the last after officials revealed the city might not take up its option for another five years.

However, while nothing has yet been signed, Leon Sun of race promoters Juss Events, told Reuters at the end of last week that something should be sorted out pretty soon and definitely before the October deadline.

"It hasn't been announced because there are still a few technical issues to be sorted out but we're in good shape," Sun stated. "It looks good at the moment. We've got until October this year to sort it out but I'm confident that we'll have something before that.

"To have F1 [in China] is not only a commercial deal, it's also about the image of the country and the image of the city.

"Any time a decision like this is made in China it's not just the decision of one, it's the decision of the whole city. We feel the great support of the government.

"We are trying to build something. Obviously, compared to races in Europe we still have a long way to go to build the market. We improve every year though and I think Bernie appreciates and understands this."