The news comes after the 2023 F1 calendar was announced by the FIA on Tuesday afternoon.

There was some doubt about whether Monaco would remain on the calendar beyond this year due to its small hosting fee and general lack of overtaking.

Additionally, Liberty Media are pushing for F1 grands prix to be more than just races with parties, concerts and entertainment key on securing a spot on future F1 calendars.

It is clear that Monaco will have to adapt moving forward but its place on the F1 calendar is secure for now.

The Monaco Grand Prix will host round eight of the 2023 season on May 28 - one week after the Emilia Romagna Grand Prix at Imola.

Speaking of the news, F1 CEO Stefano Domenicali said: “I am pleased to confirm that we will be racing in Monaco until 2025 and excited to be back on the streets of this famous Principality for next year’s Championship on the 28th May.

"I want to thank everyone involved in this renewal and especially H.S.H. Prince Albert II of Monaco, Michel Boeri, President of the Automobile Club of Monaco and all his team. We look forward to being back next season to continue our partnership together.”

Michel Boeri, President of the Automobile Club of Monaco, added: “In the interest of the Formula One World Championship, and after several months of negotiations, we are proud to announce that we have signed a three-year agreement with Formula One, and likely to be renewed.

"The 2023 Formula One Monaco Grand Prix will be held on Sunday 28th May, 2023."