The organisers of the Singapore Grand Prix have denied reports that a new deal has been agreed.

F1 boss Bernie Ecclestone had been quoted as saying a new five-year agreement had been reached in a report in Singapore's Today newspaper on Wednesday, something that would see F1 continue to visit the 'Lion City' until 2017.

"Everything that was in the way of the Singapore Grand Prix continuing for another five years has been cleared," Ecclestone allegedly told the 'paper.

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"I'm happy that this is out of the way because Singapore has been good to F1 and the night race has also been equally good for Singapore."

However, Singapore GP organisers later said talks are still 'on-going' and that it is looking for 'terms that offer commercial viability for the full five years'.

"What is presently on offer from Formula One Administration is insufficient for us to commit to a full five-year extension," organisers added.

"We remain hopeful at reaching an outcome that is mutually beneficial to all parties."

Singapore first held a round of the F1 World Championship in 2008. The current deal expires in September.