The upcoming Turkish Grand Prix could prove to be the last after the Istanbul Chamber of Commerce declared the increased fees for hosting the race as 'very high'.

The grand prix, held at Istanbul Park, was introduced to the F1 calendar in 2005, but while the Hermann Tilke-designed circuit met favour with drivers, the event itself has struggled to attract significant numbers of spectators over the years.

With the current contract due to end after this year's race - to be held on 8th May - officials are currently negotiating a new deal. However, their plans have taken a significant blow after it was alleged the Istanbul Chamber of Commerce objected to race-hosting fees doubling to $26 million for 2012.

Though there has been no official word on whether the event will be dropped, Chamber of Commerce head Murat Yal?intas did take to Twitter to confirm that situation does not look promising.

"It looks like the Formula One race will not be held next year because it the figure is very high. It looks like we will not make the payment. That is why the race will not happen."