Montreal is set to extend its deal as the host of the Canadian Grand Prix beyond 2014, after positive talks with Bernie Ecclestone.

The event, which takes place at the Circuit Gilles Villeneuve, currently sits in the final year of its contract, but organisers are confident of reaching a deal to secure its place on the F1 calendar to 2024.

Canadian Grand Prix race promoter Francois Dumontier thinks the extension will allow organisers to improve the circuit long-term: "Ten years allows us to think long term, to think about improvements to the circuit," he said.

"We are presently discussing an extension from 2015 to 2024, so ten years. That is the longest agreement that has ever been proposed to us. We had five years with options before.

"All new agreements now being signed are for ten years. Ten years allows us to think long-term, to think about improvements that can be brought to the circuit, about investments, etcetera. We are happy to work in this regard."

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Dumontier believes that Formula One is now more interested in ten-year deals for grands prix, due to the sport's determination to float on on the stock market.

"I believe they want to consolidate the good grands prix," he added, "Montreal is such a race, undoubtedly. We saw as much [at last week's race] with the full grandstands and the comments made by the drivers and teams.

"F1 has a project to enter the stock market. Ten-year contracts have a certain value when entering the stock market."